I prefer the bare chest - if you're gonna have body hair on a giant, it should be all over, for warmth, not just in the obvious places.
I suppose the climate would dictate?
Really like the shields as a belt, and its a good indicator of scale. Maybe mix them up with with either dwarf or goblin ones for variety?
As for the unfortunate he's about to devour, I'm seeing a terrified goblin or halfling about to enter the next existence via a giant's esophagus, trying desperately in vain to escape from it's clutches, and maybe stabbing at the giant's hand with something, to no avail.
I can just pick out a skull on his neck, and a clutch of a few differing races would make a nice change than just human.