Maybe it's taking a picture of Godzilla's face and shoulders, converting it to black and white (not grayscale), and then doing an ASCII representation of that. A dark Godzilla on a light background would look sort of like that after an unsophisticated conversion to black and white.
I wondered if it was starting with the top but then it's length limits kicked in and it decided the response was getting too long, so it jumped to the conclusion.
The funnest part of a Where's Waldo drawing to me was all of the interesting detail in the other things that were going on in these scenes. It's funny that not only did it miss the main purpose of the drawing style, but it composed an image that actually looks worse when you look at it on the detail level.
Either it fails to understand the point of the exercise... or it understands all too well (and this is its' commentary on the status of YOUR intelligence from its' POV:-P).
Thousands of years after human civilization falls due to the climate wars and dogs evolve to take our place, canid anthropologists will find images like these and theorize human artists entered a phase of insanity or heavy drug use.
They literally look like the "self taught" art you see in some museums. Most of it is crazy and repetitive because it's drawn by mental patients or shut-ins with brain injuries.