There is no question these two juxtaposed roots are of Germanic origin, more specifically, originating in the low-lands, now mostly subsumed in what is called the Netherlands.
'Luyt' would be a spelling variant of present-day 'luid', meaning sound.
'Hak' is the "sound" one makes to "hock a loogie" in the vernacular. In this case, it would likely not have had the pejorative connotation modern-day English speakers might associate with that.
Dutch has some unusual sounds of which foreigners to their speech would likely take note. (In WWII, the Dutch used one unusual sound that Germans had extreme difficulty making as a way to identify (then capture or kill) stealthy enemies.)
The voiceless rear velar fricative/affricate/uvular trill (alternate) is one of those.
It's the sound one might make if one catches a bug in the back of the throat then tries to eject it with lunge of air in combination while maintaining a velar (-almost pharyngeal) constriction.
A sound placed closely to that Netherlandic sound also occurs initially in the New Zealand/Maori word for their well-known dance, the haka.
The bottom line is that the name was likely notable, distinctive and a thing of pride for its original, Netherlandic "wearer(s)."