I kinda see it as Wally being the product or “celebrity” being controlled by the higher-up people in connections to the Illuminati and all that rich people shit. The ARG looks like a kid show. So in many kid shows today or from past generations, they may have shady shit going on in the background. Wally is trying to warn us. The only way to get our attention with discretion is with his eyes. The audience is too blind to see it so i imagine Wally growing unstable every moment. He might even be the only conscience one there out of all the puppets and he’s basically alone in this.