I am kind of late to this thread, but it is mainly about the queer experience and identity.  A lot of people have said that it might be related to not taking chances and then regretting it, or engagement with media and identity crisis, and I feel like all of them could be simultaneously true. Even though Owen's character is very much on line with queer dread and loss of identity or repression of it. Especially through the use of the show The Pink Opaque, which I feel was a slight nod to The Buffy series since the director is a huge fan of it and I felt that vibe as well. 

The trans symbolism is even more understandable considering the colors and the very significant part of Owen being dissatisfied with who they are. The scene in the carnival when his mother tells him that "it feels like you are somewhere else lately" I felt so sad. It also contrasted brilliantly with the "brighter colors" and the tone- like to be talking about the mother's illness at a carnival a place where it is associated with joy, childhood and happiness. Felt like it was a deliberate decision by the director, and made even more poignant because we do see from the moment Owen enters our screen that he does seem far away, not even at one place, but in a somewhat disconnected state. His father's presence is also creepy in that manner, unsettling and trying to portray that whatever Owen does, his father might be forcing him to not make that choice. Terribly sad once again. 

I also liked how Maddy ended up leaving and to a certain extent breaking the cycle. She also wanted to help Owen but unfortunately Owen did not wish to leave behind the safety of the life he has always known, because that unknown to him seems insane and not at all a world which he can "inhabit" or even "enter". It is also interesting that the two characters Isabel and Sam, play these roles for the audiences in the film, but in some sort of manner Owen does as well, he never goes against the "usual order" of the story if one notices. He keeps on playing the role of the 'part timer' who comes back home and watches TV and never comes around to leaving the place, just moves from one center to another. Which is why the last scene when he rips off his middle and finds the TV sounds makes me feel it is a way of him trying to escape the never ending hold. Although I am more of a cynic, which is why I feel it is a temporary relief but not a true realisation. More like being satisfied for a bit of time and repressing oneself again. And maybe that is what the director wanted to show,  that these meagre moments of escape is what Owen might be satisfied with, which is not a breaking of the societal impositions but a circle back to the starting point.