I have got lot, a lot of dialogue planned for this one. I will probably even add more speech bubbles in the final version. I want to get into some of the missingno "lore", both the actual Red and Blue lore and my own version.
For now, my idea is that since missingpip or missingno is a glitch, Arceus is unable to see into the time and space in which it exists. More precisely, Arceus mentions here that he knows that Dialga and Palkia will be unalived at this point in time and space, but he cannot see why. They just went poof, along with other Pokémon. He understands now, since senses that missingpip is not supposed to be here in this universe. He tries to figure out what missingpip is, and why it has taken the form of a Piplup (I am still not a hundred percent set on a reason yet).
The other forms of missingno behind missingpip at the last panel are just for effect, I will probably not have them actually be "physical". I was going to make a grotesque fusion of all four of them but I figured it would be too complicated and unnecessary.
Let me know if you have any thoughts and ideas for extra missingpip lore. Hope you like the rather creepypasta style of this one lol.