This is a 1965 General Electric concoction called the Hardiman, one that we're fairly certain they have never used to coerce deadbeats into paying their electric bills. Their goal was to build the ultimate human helper, a giant mechanical exoskeleton that provided "super strength for average man." Strenuous tasks and the handling of dangerous materials would no longer be a hassle, as the ton-plus of steel enveloping your body would easily handle all the heavy lifting. You know, like how Doctor Octopus just wanted help doing his experiments.
This is what happens when a Village Person turns to supervillainy.
The problem was, it was too heavy, and GE abandoned the Hardiman in 1971, never promoting it past prototype level. Come on, guys, how the hell is Ripley going to defeat the alien queen if we don't get this s**t working?