Ahaha! Watch the video above! It's awesome! Just the first part to avoided Spoilers.
I think this one is just shipped for the fun of it! Or maybe, just maybe, it will turn out into serious business!
Tyrian might really be gay and his interest in Jaune is because of his personal reasons which you guys know he mentioned. He pointed out that Jaune interested him, and it is not related to his mission so yeah, it happens.
But I don't think there's a chance the show will support homos so chances are little to zero. If by some miracle Tyrian is interested in him romantically, it's not going to work out anyway. I mean, who ends up with an insane guy with a maniacal laugh like him for long? I don't think Jaune can survive a day next to that guy. (Even Harley Quin did not last long with Joker in some versions)
But I ship this for the fun of it. WHAT FUN.
But of course, Tyrian was just interested in Jaune's semblance which people say will be revealed in Season 4. He was probably interested in Jaune's eyes, something he can relate to since his eye color changes during RJNR fight, his revolving eye colors also include a sapphire blue like Jaune.
※After watching Season 4. And starting with Voulme 5. Yep! I don't think this has a chance. Clearly, Tyrian is obsessed with the momma of Grimms. But maybe...just maybe...
*I can't find a ship name so I made one myself.

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RWBY Ships (W/volume 8 Update)
RandomWhat the hell is wrong with fans????? Too many ships! Reactions, opinions, if the ship really works, how ship came to be and the relationship formula. Right Here. Don't hate me! I'm not sure about the ship names.. And the ships also come with their...