Pengie got me thinking about it but in Starember's silhouette for BWX he's basically carrying a banner used in funerals.
- called 魂幡 (spirit banner) or just 布幡 (cloth banner)
- Used to guide the spirit to different locations and then to the afterlife
- looks like this IRL:

The guiding thing I could find more on it in Buddhism context rather than Taoism but I'm guessing it might still be the same? There will be one person holding it in front of the procession to guide the spirit from place to place so that the spirit won't stray, so it's important.

I THINK traditionally they should be made out of cloth since they're called 布幡 (please correct me if I'm wrong), but nowadays there's a lot made out of paper or plastic/foil. Here's one I found on Taobao that's advertised for Taoist funerals

Anyway BWX's is definitely way fancier and extra and fantastical that rich bastard

Also him wearing funeral garb and carrying THAT around is so ominous and definitely meant to scare, but it also seems sad because... well his past and how the Human Face Disease is inflicted. But definitely more ominous and scary

Also same energy https://stomp.straitstimes.com/singapore-seen/59-year-old-man-who-collected-debt-in-traditional-funeral-clothing-arrested-for

Gonna add this to this thread https://twitter.com/lebearpolarr/status/1287342007749210112?s=21