The following contains spoilers for My Hero Academia Chapter 362, "Light Fades to Rain" by Horikoshi Kohei, Caleb Cook and John Hunt, available now in English from Viz Media.
Katsuki Bakugo's sudden passing in Chapter 362 of My Hero Academia was a devastating blow to much of the series' fandom. It was celebrated by certain factions who disliked the hothead's obnoxious nature but, no matter one's opinion of Bakugo, it can't be denied that his death will create huge ripples in the story moving forward. One of the most burning questions regarding Bakugo's death has to be the impact it will have on his oldest friend, Midoriya Izuku.
Even though Deku's relationship with Bakugo was never particularly healthy, his admiration for Bakugo never waned from childhood. In fact, after they both enrolled in UA, Deku became fiercely territorial over Bakugo. He was never more worked up than in situations where his friend was in danger, once telling Mr. Compress to "give him back" after Bakugo was captured and prompting the villain to ask whether Bakugo belonged to him, as that would be the only situation to warrant such language.
Bakugo was placed in even more danger during MHA's Paranormal Liberation War, and it elicited the most extreme reaction yet from Deku. When Bakugo was stabbed by Shigaraki Tomura's Rivet Stab and presumed dead, the power within Deku blossomed. While just a few moments prior it required several Pro-Heroes to keep Shigaraki occupied, the enraged Deku was able to fight and retain the upper hand against the villain alone. Deku has proven several times over that the quickest way to anger him is to injure, or even slight, Bakugo.
Bakugo's passing is going to be the most traumatic event Deku has faced in My Hero Academia so far. His reaction when he finds out might range from despair to anger -- or, given his predisposition to emotion, a combination of the two. His arrival to UA is simultaneously being anticipated and dreaded since he'll most likely be greeted by Bakugo's corpse. It's a horrific possibility, but whether his oldest friend's demise at Shigaraki's hands will challenge Deku's new philosophy toward villains is a more interesting angle to explore.
The Paranormal Liberation War and its aftermath gave Deku an intimate understanding of the systemic ills within the Hero Society that push otherwise upstanding citizens toward villainy. In addition, All For One's failed attempt to steal One For All allowed Deku a glimpse of his and Shigaraki's shared consciousness, where Shimura Tenko lay buried. When Deku learned about Shimura's existence, his very first impulse was to save Shigaraki from All For One's control -- despite the villain's many atrocities -- and it is with this goal in mind that Deku is rushing toward UA.
So far, Deku has only discussed this decision with the vestiges of the previous holders of One For All. As expected, they weren't fans of the idea and were more in favor of ending Shigaraki's life since they deemed him past redemption. Deku was staunchly against that approach, but it might become more attractive once he finds out Bakugo's fate.
Deciding how to deal with Shigaraki after this bombshell will be the most challenging hurdle Deku has had to cross yet in his journey to becoming My Hero Academia's Number 1 Hero. Will his anger be enough to betray his own good nature and Shimura Tenko, or will his better judgment triumph over All For One's most evil provocation yet?