So I've been following the current Red Hulk story, and reading through my old Incredible Hulks, and I think I have my theory as to the identity of this new crimson bruiser. (Speculative SPOILERS follow...)
Major Glenn Talbot was a longtime thorn in the Hulk's side, while serving as Bruce's romantic rival for Betty. Talbot even married Betty for a time, but that ended fairly quickly in divorce. He met his alleged death in Incredible Hulk #260, having stolen the experimental War Wagon to wage a desperate last-bid attack on the Hulk. Talbot had tracked the the Hulk to Japan with the deadly flying fortress, accompanied only by "the Brain", War Wagon's guiding artificial intelligence. At least until Talbot sees the Hulk and flips out, Ahab style:
Finally, Talbot and the Hulk have their showdown on a movie set near the sacred volcano Glenn just got done blasting:
So Talbot "died" under a deluge of molten lava while mentally bonded with a fantastical computerized battle wagon/artificial intelligence and was declared dead with no body found. Yeah, that'll stick in a universe where even Uncle freakin' Ben eventually came back. We've already seen that Red Hulk emits incredible, volcanic heat, recognizes most of the Hulk cast, and there are certainly enough back doors in that "death" to exploit, so I guess we'll see. Whadda you think?