Nice take on VS, I liked the floating soul weapons. When I picked the octopus soul a second time I couldn't tell if anything changed, I was hoping to see more souls added.
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Right now they just scale the damage, with upgrades for specific levels (if you upgrade jellyfish and octopus souls 10 times i.e: 1 jellyfish, 9 octopus you get an upgrade)
but perhaps I should make the upgrades more visual instead of just upgrading their damage like increasing their size, range or adding more like you said, I agree it would be more fun :)
thank you for the valuable feedback!