The whole conceit of the Moore/O'Neill story is classic movie formats being used as metaphors for purgatory and the explusion of/punishment for sins. So this is Kong being used as a mouthpiece for the tragic life of Willis H. O'Brien, chief stop-motion animator on the film - the artist speaking through his work.

I suppose Moore is attempting to draw grim parallels between O'Brien's apparently miserable life at the hands of Hollywood and Kong's death at the hands of spiders in this alternate, "Purgatorio" cut. You may notice the figure on the cover appears to be a despondent-looking O'Brien himself, in his signature white hat.