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As for Hobgoblin I just think Tolkien chose an existing 'goblin word' from the Primary World and used it -- however 'wrongly' he thought he had applied it, after publication. Plus I don't know (I'm not a trained linguist myself) how accurate it is to say 'hob-' means 'hole' based on hobbit.
Holbytla means 'Hole-builder', and hobbit is a theoretical worn-down form of this word. Someone on line (elsewhere) posted that this type of assimilation (l becoming b, as it appears has occured at least) is common enough in languages, but I haven't really had time to look into this myself.
Anyway as far as -hai goes we now know it means 'folk' due to Words, Phrases, and Passages.
So Uruk-hai means 'orc-folk' -- but since uruk 'orc' became distinguished from snaga it means 'great-soldier orc-folk'
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