They should make a direct sequel (Spoilers)

[Sephiroth]

I don't believe the Squall is dead theory. But I do however, believe that Rinoa is Ultimecia.

Wouldn't it be epic if they finally confirmed this theory, 20 or so years after the original game's release?

They should totally make an FF8 sequel, to show us what becomes of the other characters.

Maybe it can lead up to the events when Squall eventually dies and Rinoa eventually becomes Ultimecia.

Considering the entire game says nothing about it and everything ever released contradicts it, no.

I would indeed like to know more about Ultimecia though. All we know is that she is a witch whose grief comes from herself stuck in her bootstrap paradox and that, by compressing reality, as mentioned in her own very first enemy profile, she is able to reunite the witches' power, so the power of Hyne.