Glow bug was seen/known in alpha.
This just happen to me about 3 minutes before server maintenance today.
honestly when I picked up a red glowy weapon from the ground it meant that I had picked up a weapon I didn't have any ammo for at the moment ( you'll notice when you run out of ammo the number is red as well )
I see this effect consistently on a pistol with the name Wolverine.
Every time, it never fails, the flame effect will show over a pistol with the name Wolverine in it of any rarity.
I believe it also shows this effect over the shotguns with the name Berserker, or any rarity.
I have seen it with nano fire based weapons. I always wondered why they stand out. I will have to look at it more, but I have seen it on a couple green weapons too. It seems like it was always a weapon with fire damage. I will have to look closer from now own.
No it has nothing to do with elemental as far as I can tell. I've gotten it on generic, run of the mill, elementaless guns.
I used to be an eager Ark Hunter like you, then i took a "soon" to the ear.