So, apparently a lot of the people who are still holding onto the stock have engaged in full-on apocalyptic cult insanity. They're under the delusion that the "Mother of All Short Squeezes" hasn't happened yet, and that when it will happen, it will be an absolute financial calamity, as literally all Gamestop stock will be held by "true" holders [1], who can therefore extort any price from the short sellers desperate to buy the stock back to cover the short squeeze, causing the price to hit millions of dollars per share, allowing the true holders comfortable retirement as billionaires.
It really is an apocalyptic cult mindset, people seeing themselves as the sufferers who will receive redemption in the imminent apocalypse as their (currently more successful foes) receive absolute punishment at the same time. Although even compared to most apocalyptic prophecies, this one is particularly far-fetched: the means of deliverance is extremely vague, with the closest hint of an idea is essentially that the Big Bad who is currently oppressing them will somehow turn around and reward them handsomely for their perseverance (usually stated with some amount of cognitive dissonance--you get the sense that the adherents don't really believe this, but they need to justify deliverance somehow and there's no better option than this).
[1] There's a belief that most of the shares are fake.