So in some of the recent lore Volibear is seen and in it he is described a little less like a polar bear and more like an absolute monstrosity bear. He apparently has horns and several eyes, torn flesh and fur revealing his bones and such. Udy witnesses Voli messing around with corpses, and Voli either mentions or it is seen that Voli seems to be regenerating back his health while playing around with these dead bodies.
A huge change from the original Volibear. As a Voli main, I am a little sad, but whatever, the new direction is interesting as well.
However, this last bit of the update sounds a bit like current Volibears passive where he regenerates health. Currently, there's no lore connection at all to this passive. It's just "He's a tanky bear guy...lets make him heal fast!".
But this new update to the lore gives more of a connection to him being able to regenerate health. Since Volibear is slated for a VGU sooner than later I think this could be connected.
I would also find it really interesting if that Volibear starts the game off as this shredded monstrosity bear with horns and several eyes and face all torn apart. The more Volibear either gets kills/or levels up the stronger his regeneration ability becomes and the more polar bear in aesthetic he becomes as he renews himself.
It also definitely makes him more than "Armored bear".