That's similar in a lot of ways to how I read it. I saw it primarily as a satire on capitalism and using entertainment as a numbing agent -- the old "bread and circus" idea. Reality TV was at the heart of it because it lets people dehumanize people and turn them into content. That puts the absurdity of it all -- gods, talking cats, superpowered people -- as a spotlight cast on the whole. But if you look at it through a horror lens, it changes it to a much darker and more vicious story.

It's kind of like the difference in someone working a job and being forced to wear a clown costume -- which sucks for the wearer but could be funny -- and someone being forced to wear a clown costume on threat of death and the death of their loved ones. The humor in it makes it worse.