This might seem blasphemous, but Hov actually originates from Jehovah, another name for God used by Jehovah’s witnesses. You better be careful when using this slang.
Jay-Z came up with this term and made it famous. He would often refer to himself as Hov as he would exclaim that he is the “god of rap.” It is a play on his name since Jay-Hova or Jay-Hov sounds similar to Jehovah. He even used it as the title for one of his albums. To add more context or for easy understanding, here are some examples.
“Hov’s new album really slays with its beats and rhymes!”
“I get why Jay-Z is Hov. His rap is revolutionary.”