He was created as a sort of satire of wolverine. So the basic power set scaled off of that, and has gotten crazier over the years.

He is a Czarnian, a very rare alien species (for a long time he was thought to be the only one left) and simply naturally has his powers.

Originally, in his first appearance, he was just a bounty hunter. His partner Bedlam only appeared a few more times.

Be aware, his original costume was REALLY stupid.

Omega Men #3: