as a wrestling/vtuber fan I've always thought that there are a lot of similarities in the ways they handle their fictionalized narratives (aka kayfabe), especially with agencies like hololive and nijisanji.
like both hololive and wwe employ independent contractors but own the rights to the characters they play. so an existing indie vtuber can join up with an agency under a new name, or an agency vtuber can "graduate" and show up somewhere else a week later as another character.
I'd say fans generally know who everyone is but enjoy maintaining the illusion. honestly at this point I think vtubers keep kayfabe better than most wrestlers.
I think playing with narrative like this is pretty fascinating! but yeah definitely confusing, probably intentionally so in some cases.
anyway someone should make a wrestling federation vtuber agency with feuds and stuff I think that would be rad