You could argue that It's an allegory of Jason Steele's series and his viewers. He created Llamas with hats making grotesque content and got Paul's reaction of disgust. When they left, he made a mask. The mask kept demanding more and more death and destruction which represents the new set of viewers who want to watch all the death happen. It is not until later does Jason/Carl Realize in that process, he also killed his old viewerbase. With nothing left to do. He ends it all.