I've been thinking much about M'aiq being a deity.
He seem to live too much for your average Khajiit,let alone he is so wise...
I made this video with theorizing about him:
https://www.youtube.com/watch?v=g23en-lyx4c
What do you think about him ?
Could he be a God transformed ?

In response to your video I must correct a few things.

A) He states in Skyrim that his father was called M'aiq and his grandfather was called M'aiq.

B.) Alduin only recently entered Sovngarde. Dragons (unless you count Ys-gra-mor and his lot) don't inhabit Sovngarde.

In response to your question. He isn't a deity, he is a game mechanic, an Easter Egg. Nothing more, nothing less.

M'aiq is M'aiq. As was his father, and his father's father. As for dragons, M'aiq says he saw them, but M'aiq is a liar.

Hes a easter egg.