sounds like hogwash to me

Wikipedia says no:

The traditional shape of the molds used for pig iron ingots is a branching structure formed in sand, with many individual ingots at right angles to a central channel or "runner", resembling a litter of piglets being nursed by a sow. When the metal had cooled and hardened, the smaller ingots (the "pigs") were simply broken from the runner (the "sow"), hence the name "pig iron".

I think that came from the original mold resembling a sow and piglets.

I thought of the same thing, but it turns out that sense of the word is unrelated.

The traditional shape of the molds used for pig iron ingots is a branching structure formed in sand, with many individual ingots at right angles to a central channel or "runner", resembling a litter of piglets being nursed by a sow. When the metal had cooled and hardened, the smaller ingots (the "pigs") were simply broken from the runner (the "sow"), hence the name "pig iron".

https://en.wikipedia.org/wiki/Pig_iron