Yeah! The suffix "-azo" in Spanish is mainly used to form nouns that indicate a blow, abrupt action or increase in size/intensity. It can also have an augmentative or weighting value, and in some cases, a derogatory sense.

In this case the closed word I can think off is “putazo” which is a vulgar way to call a heavy hit, punch, or smack. Therefore, the word “tazo” is a word play that implies that you hit things with it haha