A floaty guy like that is way too smug to just be a passive observer.
I heard him say something along the lines of “Korvaak was right, humans are pityful” so he’s probably some sort of god himself. Not very likely we could even hurt him.
Love those lore tidbits from him. 
I’m pretty sure more than half of the forum has beaten Mogdrogen on veteran atleast
Plus we’re a Taken, not just any human. I doubt the Gods are out of our reach considering Ulgrim- a human is able to melee Log
Mog was just an Avatar though, and he’s still ridiculously hard.
Besides, Lokarr seems a lot older then Mog because he knows a lot about Korvaak.
Necroing this threat (found it when googling about Lokarr).
He indeed refers to Kovaak, and Ulzuins betrayal. Which certainly makes him very old. Also when you ask him questions he replies with: “Mortals with their questions”, suggesting he does not consider himself a mortal.
I don’t think there is much lore (if any) about Lokarr in the campaign, curious whether it will be expended on in the expansion.