If Q is real, it is speculation dropped from time to time by low-level government functionaries who think they know something, are dying to get internet points for it, but don't dare leak it. So, they drop obscure hints and encourage others to "figure it out."

All that said, Q is harmless. That the media has picked it up is every bit as stupid as what Hillary tried to make of Pepe. The media is far too fond of meaningless kerffluffels.