Spider-Man: No Way Home introduced the multiverse in a big way when villains from past Spider-Man movies came to Earth and tormented Tom Holland's Peter Parker. This also included the character's first interaction with Willem Dafoe's Green Goblin. Though he wasn't that universe's Norman Osborn, he still managed to inflict irreparable damage to Peter's life by killing his Aunt May. But that wasn't all he did.
With at least one Goblin having appeared in the MCU, it added more fuel to the fire that Peter's closest friend, Ned Leeds, could embrace his role in the comics and become the villainous Hobgoblin. But even though the Hobgoblin was the canonical second Goblin that Peter fought, the MCU may benefit more from introducing a far more sinister goblin. That said, rather than it being someone Peter knew, this new enemy could take the form of the demonic and violent Demogoblin.
Why Demogoblin Is Better for the MCU Than Hobgoblin
Demogoblin's first official appearance was in Web of Spider-Man #86 (by Howard Mackie and Alex Saviuk). But he was technically introduced much earlier when a Hobgoblin named Jason Phillip Macendale Jr. followed a group of demons to their lair. While there, he made a deal with their leader for power and was bonded to a demon. However, the demon eventually split from the villain after failing to control his body and became the Demogoblin, a being that sought to punish sinners. That said, the demon's definition of what a sinner was could be considered very brutal, putting him at odds with heroes like Spider-Man.
What would make Demogoblin a better addition to the MCU than Hobgoblin would be the timing and the fact that Peter, thinking he's handled a goblin before, would be unprepared. Facing a demon was something Peter had never done, and one with a flaming glider would be a great way to introduce him to the brutality of this new chapter in his life. Furthermore, Demogoblin's code wouldn't be wholly villainous and could even challenge Peter's beliefs. That said, the most exciting aspect the Demogoblin could offer the MCU would be how his presence might inspire another character to embrace their future as another goblin.
How Could Demogoblin Enter the MCU?
No Way Home established that everyone, including Ned and MJ, would no longer remember who Peter was. But should that spell ever break with them, especially Ned, they may be hurt that Peter chose to live a life without them. To add to that, No Way Home also teased that, even if Ned didn't want it, fate may deem it that he becomes an enemy that could try and kill Peter. The Demogoblin could be one of those means, as, with Ned's ties to magic and confirmation of demons, he could rediscover and use those powers to conjure him.
However, should Demogoblin wish to go his own way and not adhere to Ned's demands, it could push Peter's best friend to find another avenue to achieve his goal. In his case, this could lead to him becoming the Hobgoblin after being inspired by the demon and his look. There's no denying that this isn't the end of Peter Parker's story, but his choice to abandon those he loves for their own good could lead to a demonic force that may turn his friend into a foe.