You find a single word closely associated with the Giant Squid throughout many of the articles one does find online: MYTH. Be realistic. That word would not be associated with the Giant Squid unless it at one time was thought to be in the same category as things like Nessie, Bigfoot, Yeti, and at the time a few hundred years ago, the Giant Squid shared this same category with things like Ball Lightining, Meteorites, and quite a few other things we take for granted now.
So why am I laughing? It shows you how much of an about face skeptics and scientists do when something from myth and legend turns out to not only be partly, but ENTIRELY true. The reactions of the "skeptics" here on Sciforums only reinforces what I've said for years about "skeptics". How amusing it is...