Because of "Godzilla" Being a giant mutation, the actual feature of the character being a giant, and adding "Lol" means it is a bigger "Lol" than the original phrase itself. Expressing it even more than normal.
"Man this guy is a complete retard, he's so fat and thought he would be "Cool" The guy jumped on top of is bunk bed not only breaking the top but also the bottom bunk. LOLAZILLA!!!"
" That was just a complete LOLAZILLA fail!!!"