On top of all these shenanigans, it destroys the world, not immediately, but slowly over a period of three days, allowing all those juicy negative emotions to build up before finally gorging itself on killing everyone. It never kills anyone, just leaves them perpetually miserable so it can feed. It goes around Termina ruining everyone's life. Majora feeds off of suffering and despairMy theory about Majora has always been that he/she/it gains pleasure and nourishment from pain and suffering. Further evidence can be gathered here - well as far as 'Link is having a dream' goes. Any kind of 'dream theory' has been jossed by Aonuma himself.

The next night, he has the nightmare again, until he can finally overcome and banish his fears by defeating the Mask.

OoT contained a decent amount of horror as well, did it not? Now, what the Song of Time actually does, instead of actually changing time, is wake Link up. Creepy things happen in MM, repeatedly, especially given the day cycle, which smacks of someone reliving all the fears he encountered during his earlier quest. (And ever wonder why there's no expy of Link in Termina?) It's just familiar enough to be a product of his own psyche. Why not MM as well? Termina is similar to Hyrule in many ways and filled with expies of people Link got to know well in Ocarina of Time, usually with horrible things happening to them. The Legend of Zelda: Link's Awakening provides precedent for a Zelda game being All Just a Dream. Majora's Mask is a nightmareThink about it. And when Link finally broke the spell, it departed in a huge stream of light streaking across the sky in the ending. This's why it appeared as a child identical to the others, and why it called Link a 'bad guy', because he was the 'villain' who was keeping it from finally achieving freedom. That's why when Link finally defeated the Wrath it seemed almost like a shell containing a mass of light, it was exactly that.

This god is then really just desperate to break its bonds and go free, and will use anyone and even destroy worlds to do so. Trapping a god would take a powerful seal, and that seal might be unbreakable without the kind of force that can destroy a world. Why then? If masks contain souls, perhaps Majora's mask came from a god that was trapped by the maskmakers and forced to serve them. Thus, the mask always seemed to mainly only desire destruction. Also, I never interpreted it as the mask itself that sought to 'consume everything', but rather the moon given a twisted life to fulfill the mask's aims. The Mask is a captured spirit/god trying to get freeThe mask salesman never really spoke of the being sealed in the mask, only of its power and use by the ancient tribe.

Legend of zelda majoras mask moon