I guess this is kind of an easter egg. The 'venom' that Richard and Norman worked on is intended as a cure for illnesses like alzheimers and (Norman emphasizes this part) CANCER. The Venom suit in the Ultimate comics is developed for that precise reason. The Osborns also parallel the Brocks from that universe with Richard and Norman being partners and 'friends' and Peter and Harry being long lost friends after the plane crash. Perhaps the venom will be used to create the symbiote. What I find appealing here in a novelty kind of way is Spider-man, Green Goblin, and Venom are all being connected to one source.
Also, the spiders are infused with a 'radioactive genome.' A nod to the 616 spider being, literally, radioactive.
As for the mask, I 100% believe it's Mysterio. Theater mask + Smoke = Mysterio. Chameleon is nowhere near as theatrical.