it certainly is better than a certain triangular eyepiece with a top hat
Though it's not clear enough for me to tag it, the biggest eye inside the gap is almost certainly meant to be a reference to that guy. And of course the piece as a whole is meant to draw parallels between two different series' reality-manipulating trolls.
This actually happens according to context given by the artist in their tweet post of Mabel and Marisa. She helps Dipper find Mabel, but not without messing with him a little just to read the journal herself and to watch him scuttle around.
