In all honesty, I don't have much to really add to it, aside from it being a thing that existed and was sort of funny by virtue of Shantae fans going to town with their own clips and interpretations of how the scene would play out.
That being said, it has slowed down a bit since the release of Seven Sirens gameplay footage, and I'm uncertain about how much longer it'll really live, though I would love to see more of this meme in the future if it does survive beyond a week or two.