I'm pretty sure that it was meant to be the main reason why you would have to have a fast pace throughout the game. Kinda like how Legs naturally finds you, and how if you end up going through the 2nd chase. It's pretty much a game over for you. This made players hurry throughout the game. Maybe, when Zeekerss was thinking of how the player would die if they don't end up finding The Hide and Seeker. He thought of how the Spider would attempt to finish off the player instead so that there's a huge level of confusion when you just see a random enemy that you have never seen before just go after you. But, this idea was already sorted. If you don't find The hide and seeker for long enough, he will attempt to attack you anyways.
There is a 3% chance of it appearing at the start of the level (when you collect like 3 orbs) or after a chase sequence. As i found out running too far away makes it disappear