>>712403072
It makes perfect sense if you know how dreamworlds work and the allusions to lovecraft. Even without that knowledge, the game gives you more than enough information to figure it out.
>but everything surrounding mergo and the wetnurse is pure speculation
Oh if you mean what the purpose of eldritch beings beyond our comprehension, yes. They are beyond human comprehension, that is the point.
Micolash was trying to commune with one of these things, and accidentally the entire mensis as a result.
It's suggested Mergo, the infant stillborn great one, was extracted from queen Yharnam's womb perhaps, especially in regards to how she showed up and looked sad looking at the loft.
As for why it's important, it wound up fucking up a lot in Yharnam. There was a lot of attempts to commune with beings beyond a human's capability to understand, and when people try to take things they don't understand, ruin follows. It was the second time something involving Mergo happened, so Yharnam clearly has trouble with repeating its history.