Quote Originally Posted by Mhaeric View Post
It appears throughout the 5.0 story, mostly in those mini-game scenes where you have to aim a telescope or gun scope or similar. Alisaie even sees it in the Tempest and comments on it a few times when you're negotiating with the sahagin. It's basically an easter egg.

My personal head-cannon is that it is Emet-selch either in familiar form or his familiar.
He's actually following you for most of the MSQ. People have found him at various points during Shadowbringers, including that one portion of the story where you need to go find the Exarch before making the large Talos. It's been interesting going through the story again and trying to find all his little cameos, because often he's just off the beaten path for where you need to go for any given task.