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An Otter is a semi-aquatic creature and generally is not very significant, in fact, one might even say that they are quite insignificant. The "Significant Otter" is, of course, not the average otter and has achieved some level of significance in the life of at least one hero. Whether by becoming a soul-mate to a hero (or whatever level of hero-otter relations comes the closest to what a soul-mate would be), or just achieving the sheer mass, volume or, in other words, achieving a sufficiently grandiose profile to cause a hero to exclaim "Holy Crap lord! the profile of that *monster* is quite significant!".
In conclusion, the significant otter is an otter which has achieved enough significance to be significant enough to a hero to be considered significant by that hero, maybe even beloved. In theory at least if not in practice, the end, good day.