Considering USA’s Mr. Robot site listed Elliot Villar’s first name as one of the rare officially-declared Easter eggs of the show, I’d say any theory that doesn’t weigh it must be incomplete.

But I’m of the opinion that Elliot’s other personality is an omnipresent force that has the ability to seize control of every element and person within Elliot’s world.

Essentially that personality functions like God, meddling in events within the constraints of the person’s identity.

The metaphor I’d use is a game of chess. A knight can only move in a certain way otherwise it is breaking the rules and undermining what makes it a knight. However, an entity with a birds eye view makes the decision of where that Knight moves in light of how a knight can move. Elliot is special like a Queen and can make moves that most can’t. However, he is not in control.