Whats the deal with Mr Bonzo?

I never really understood the story behind Mr Bonzo.. I liked the concept of the mascot being turned into a horrific monster metaphorically due to the serial killer, and the mass media. as well as literally due to the public fear creating him into a embodiment of one of the entites. But i still feel like there is more context to it. Like (my personnel theory) is that bonzo was always "living", more specifically on the TV show and all. But what do yall think?