A key part of the back story of Squid Game is the VIPs. As the games go on, the rich and affluent VIPs view it all like some sort of dark theatre show. They bet on who might win, and revel in the deaths happening right before their eyes.
In a very shortened explanation: The Squid Game VIPs are rich people who enjoy watching poor people struggle. Those who take part in the games are often doing so to pay off debts, and the VIPs watch how far they will go to end their money troubles.
The show’s creator has said the evil spectators are based on a group of super-rich tech billionaires. The overall story is based on the creator’s own economic struggles, as well as the class disparity in South Korea and capitalism.

via Netflix
In season three, we finally saw some of the VIPs without their masks. So, it’s clear the golden animal masks they wear aren’t there to protect their identities. Remaining anonymous is only a very small part of the masks’ purpose, and there’s a much deeper meaning behind why the masks are golden, and resemble animals.
In the show, the VIPs wear golden masks as a symbol of their wealth. They represent their affluence and influence within the games. The masks also serve to further isolate them from the other participants and workers in the games.
As well as exuding wealth and power, the animal masks represent the inhumane and animalistic ways those wearing them view the deathly games.

via Netflix
According to Screenrant, there could be more representation behind each individual animal mask. The animal masks have included a deer, a tiger, and a bull.
As per the publication, in Korea, deer are considered to be divine animals that connect earth’s shamans with heaven. This infers the person wearing this one could be a religious or spiritual leader. The tiger mask could be a Siberian tiger, the national animal of South Korea. This may represent a political leader or broker. The bull is a commonly used symbol in financial trading, so the bull mask could be worn by a stock trader.
Interesting!
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