There’s still one person standing there, who says he has been waiting for you. I think it’s safe to assume that he’s the one responsible for all this.
However, it's important to note that even though they are awakening Orochi and its power, the serpent can't have a physical reincarnation because that only happens once every few thousand years. Since he was reincarnated in '97, bringing it back to a physical form would require quite a bit of waiting. Instead, they simply want the energy Orochi emits.
Even after all that and Shion is defeated, Orochi still doesn’t respond. It's a picky one.
|Do you have one of those compressed air horns?|
|What did Magaki do? You're the one who lost. It's just never your fault, is it?|
|Apparently getting pulled into another dimension turns you into Plastic Man.|
|I see youuuuu!|
Adding to his character is Magaki's distinction of having a specific victory quote for each and every character in the game. Fittingly, they are all very taunting.
Once Magaki is defeated, the world fades back to the ruined finals site, and Magaki reverts to his (semi) normal-looking form.
|So his body is filled with raspberry-blueberry Faygo! No wonder those ancient humans wanted them dead.|
|He's either in shock or hessa firin' his lazor!|