The story behind the card is the the tale of Habogi, which I was not familiar with before taking up with this deck (the companion book says it's Icelandic, which might explain things). Its full version can be found here
I always enjoy stories featuring a lovely, clever, good youngest sister.
The story, and card, are all about material gain. There's also the implication here that accepting the ugly guy can have its rewards, so in a sense this story is about looking beyond the superficial.
For some reason, when I look at the image on the card, the Bach tune "Sheep May Safely Graze" pops into my mind. The heavy use of primary colors gives the card a naive feel, but in a stylized way, if you know what I mean.