At first, I didn't understand the ending. It seemed convoluted and abstract, but as a fan of Black Mirror, that is nothing new for me. The plot was unique and fresh - a cam girl who gets her identity stolen by a seeming lookalike. As the movie continues, it progresses into something else.
To me, it seemed like a commentary on how exploitative the sex industry could be. Lola genuinely enjoys her work (I love that it's portrayed stigma-free) but as she becomes more popular, her image and labor are hijacked for the sake of money. Whatever is behind the hijacking, they're profiting off it without regard to the artists. Individuality doesn't matter, crafts-work doesn't matter. It's all about profit, money and growth.
Similarly, we see patterns in the online pornography community - studios jeopardizing the well-being of their actors for the sake of views and engagement. I think Cam was a great critique of the downsides to the industry without resorting to shaming women for choosing to engage in sex work.