Simply enough, it's because the bottle has a handle on it. The word is a colloquialism, used mostly by young adults, that assigned a concise term to describe the biggest available sized bottle of liquor. Interestingly enough, the handles were put on the bottles in the first place to get around liquor laws that require bottles without handles to be subjected to special packaging, storage, or transportation rules. For example, in many states, it is illegal to carry unconcealed alcohol in an outside, public place unless it has a handle.
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