Examining The Wogglebug as a non-ironic, genuine IP: I just don't think Wogglebug would ever work as a main character.
Something like Winnie The Pooh is a good character, because he seems a bit childlike, he means well but is naive so that gives a lot of opportunity for growth/learning/adventure. His design is simple, which allows it to be easily drawn but is immediately identifiable. He has very few boldly contrasting colors.
That would be why
the most lucrative IPs in the world are Winnie the Pooh, Hello Kitty, Pokemon, and classic Disney cartoons (Mickey Mouse et al). Each of those properties individually beats out Star Wars in franchise value. You're dealing with characters that appeal to children, and which have a lot of memetic potential for adults across cultures.
The Wogglebug is some stuffy asshole who wears a suit and a tophat, and his design is too complex.
He could be a wise character who appears periodically, or at very best a grumpy squidward type. Out of him and Frogman, Frogman would probably be more popular.
Wogglebug as a character is not great for much besides being a tool to fulfill the emotional needs of one specific lonely, spoiled, developmentally stunted woman.