renewcommand*{theHfigure}{runningfigurecounter.thevalue{runningfigurecounter}}

newlabel{figure:somelabel}{{1}{1}{A title}{hyperref counter-specific label}{random parameter that is empty until the cows home}}

figure.caption.5

runningfigurecounter.5

documentclass{article}
usepackage{lipsum}
usepackage{caption}
usepackage{hyperref}

% Running Counter
newcounter{runningfigurecounter}

% Redefine hyperref newlabel counters for unique targets with disregard for the printed form
renewcommand{theHfigure}{runningfigurecounter.thevalue{runningfigurecounter}}

% Apply refstepcounter in macros called in the document
letoldfigurefigure
renewcommand{figure}{refstepcounter{runningfigurecounter}oldfigure}


% Counter For TeX Loop (these are not global)
newcountSTEP
newcountSTEPTOTAL
STEPTOTAL=5

begin{document}

References:
STEP=0
loop
advanceSTEP 1
ref{fig:theSTEP}
ifnumSTEP<STEPTOTAL
repeat


% TeX Loop to Generate Figures and Labels
STEP=0
loop
advanceSTEP 1
newpage
begin{figure}
caption{Another fake picture. textbackslash theHfigure = texttt{theHfigure}}
label{fig:theSTEP}
end{figure}
lipsum
ifnumSTEP<STEPTOTAL
repeat

end{document}

newlabel{fig:1}{{1}{2}{Another fake picture. textbackslash theHfigure = texttt {theHfigure }relax }{figure.caption.1}{}}

newlabel{fig:2}{{2}{4}{Another fake picture. textbackslash theHfigure = texttt {theHfigure }relax }{figure.caption.2}{}}

newlabel{fig:3}{{3}{6}{Another fake picture. textbackslash theHfigure = texttt {theHfigure }relax }{figure.caption.3}{}}

newlabel{fig:4}{{4}{8}{Another fake picture. textbackslash theHfigure = texttt {theHfigure }relax }{figure.caption.4}{}}

newlabel{fig:5}{{5}{10}{Another fake picture. textbackslash theHfigure = texttt {theHfigure }relax }{figure.caption.5}{}}

renewcommand*caption@makestart[1]{%
          begingroup
          Hy@hypertexnamesfalse
          hyper@makecurrent{#1.caption}%
          endgroup
          caption@Debug{hypcap start=@currentHref}}%
    }

documentclass{article}
usepackage{lipsum}
usepackage{caption}
usepackage{xpatch}
usepackage{hyperref}

% Running Counters
newcounter{runningfigurecounter}
newcounter{runningsectioncounter}


% Redefine hyperref newlabel counters for unique targets with disregard for the printed form
renewcommand{theHfigure}{runningfigurecounter.therunningfigurecounter}

% Apply refstepcounter in macros called in the document
letoldfigurefigure
letoldsectionsection
AtBeginEnvironment{figure}{%
  refstepcounter{runningfigurecounter}%
}

% Counter For TeX Loop (these are not global)
newcountSTEP
newcountSTEPTOTAL
STEPTOTAL=10

makeatletter

AtBeginDocument{%
    renewcommand*caption@makestart[1]{%
      begingroup
      Hy@hypertexnamesfalse
      hyper@makecurrent{csname theH#1endcsname}%
      endgroup
      caption@Debug{hypcap start=@currentHref}}%
}
makeatother


begin{document}


References:
STEP=0
loop
advanceSTEP 1
ref{fig:theSTEP}
ifnumSTEP<STEPTOTAL
repeat


% TeX Loop to Generate Figures and Labels
STEP=0
loop
advanceSTEP 1
newpage
begin{figure}
  caption{Another fake picture. textbackslash theHfigure = texttt{theHfigure}}
  label{fig:theSTEP}
end{figure}
lipsum
ifnumSTEP<STEPTOTAL
repeat

end{document}