Oh wow, that's incredibly creative. The rings are like the borders between the Curse goddess and the accursed.

And at the same time, the accursed are a part of her...

Are those phallus's at the ends of the tentacles?

ArkBien said:
Are those phallus's at the ends of the tentacles?

The Mishajugi WERE apparently worshipped as phallic fertility gods (just check them out in SMT/Persona), and these things are obviously meant to symbolize the Mishajugi that Suwako tamed.