Egoistically, I want the Undertale and Deltarune theorists from Tumblr come here. I love how the fanbase of these games can create the most fun and interesting hypothesis that goes from minor character lines, symbolism of eggs and whole reality simulations. I love to read these stuff, from an inspiration or having fun standpoint to "What? Then that minor thing means that?"
I'm not one of the people you're talking about, but have a theory anyway.
Red in Undertale represents Sacrifice.
Chara was willing to sacrifice their own life and soul to free Monsterkind.
Pacifist Frisk is willing to sacrifice their life over and over to help everyone.
G*nocide Frisk is willing to sacrifice literally everything and everyone to achieve their goals, and is willing to sacrifice their own soul to remake the world.
The Red Soul trait isn't Determination or Love or LOVE. It's Sacrifice.
