>>30475662People are speculating that it might be some warped version of a dragon.
Solgaleo is based on the "green lion which eats the sun" from Alchemy, but also Galileo Galilei and his discoveries.
While Lunala is based on numerous bits of Asian ideologies and beliefs, but mostly the "good luck bat" and the real world animal, a "ghost bat."
From what we know about Necrozma, is that it can channel light, much like Solgaleo and Lunala. It is known as the "prism" Pokémon and as such refracts light rather than creating or absorbing and reflecting it. Necrozma, like Solgaleo and Lunala also is said to have come from a different world in ancient times.
Necrozma also curiously learns many steel-, dark-, and rock-type moves, hinting at a missing sub-type. It also acts as if it is in pain, perhaps because Necrozma as its name hints, is possibly undead or not whole in some way. And if all that wasn't enough, Necrozma's signature move is Prismatic Laser, which looks exactly how you'd expect it to.