The creators have banished that theory. They even said the theory doesnt even make sense, in fact they added that if there is a remake they wont even consider the theory
That makes it perfect for this topic, since it's about
debunked fan theories!
I think Rinoa being Ultimecia would turn a forgettable villain into a heartbreakingly memorable one. The plot's said to be a love story about Squall and Rinoa, but what happens after it's over? What if Rinoa lives long after Squall passes because of her powers - what happens
after the love story? I feel like it'd be a more interesting exploration of the human experience if they were the same character - of what grief can do to a person, of facing persecution and remembering better days, and the lengths a person might go to to escape that...and if you're a sorceress, those lengths might be compressing time.
And that'd make their decision to continue their relationship at the end pretty powerful and nuanced, if they know what's ahead for them.
I mean that seems more interesting to me than whatever we got. I like FFVIII a fair bit but something like this could enrich the story, I think.
As it stands, Ultimecia is a sorceress who wants to escape her fated death at the hands of SeeD by initiating time compression and becoming a god (that old chestnut) - which of course results in her defeat. She ties into the game's theme of fate but it has little impact on the protagonists after her defeat - her warnings don't really resonate with the player either, given that the fate of our heroes seem pretty great and we don't really care about
her fate because you only meet face-to-face at the very end.