Addressed at no one in particular, on why Makima is a better villain than Dio.
Rarity
Makima's concept as a villain is while not entirely original, is a lot rarer than the kind of generic and narcissistic evil Dio represents. Makima is not a cartoon villain, but an actual nuanced character with her own quirks. She's someone that you don't just love to hate, but can actually love.
I've searched hard, and I've yet to find a character that fits her exact archetype.
Relatable
Makima is a character that while misguided in important and crucial ways is still relatable. She's someone whose actions you understand and whose goals and motivations you can sympathiser with. More than that, shes a character that you might at times root for. Not just because of her evil charisma (and she's plenty charismatic), but because she can actually present a compelling narrative.
When she lays out her true goals and ambitions:
And the reasons for the world she wants to create is revealed:
They are something I can find relatable.
Presence
Makima hard carried Chainsaw Man, and it simply wouldn't have been what it is without her. She's the only reason I started the manga, and she's what kept it from being another generic horror comedy shounen.
Her presence and actions granted extra depth to the series, and overcoming her represented the most defining character conflict of the protagonist.
Expressiveness
As a villain, Makima emotes especially strongly. She's one of the few characters out there that can really make you feel.
When she tells Denji to remember her:
When she threatens the Yakuza:
Her refutation of their philosophy of a necessary evil and her assertion of dominance gives you chills.
When she summons herself from a horde of rats:
There is that same awe inspiring dread.
The implication that she's always there, always listening:
When Darkness beckons her:
Just who is she that one of the primal fear devils bid her come?
Her big reveal:
The fear of Makima is the history of humanity.
Conclusions
Makima is one of the all time best villains to grace the Shounen space.
She inspires awe, terror, worship, dread, love and respect. She's a force of nature and swallows you up in the storm of her whims. Her presence is an ever present precept that guides the broader narrative of the Chainsaw Man series.
As a villain, she's in a completely different class from the likes of Dio.