I like the reference, or throwback, to the deal the original Spider-man made with Mephisto, back in One More Day storyline.
In order to defeat the Norman Osborn from another dimension, Otto Octavius decides he needs to be his old ruthless self. He summons Mephisto and tries to make a deal where he sells his soul in exchange for being his old self for a single day.
Mephisto counter-offers and explains he can turn Otto Octavius back into his old self without all his illnesses and mental disorder, and especially all the memories of Peter Parker. Good twist on his part. Can Otto really continue being a hero without all the experiences he went through with Peter Parker’s memories?
From – Superior Spider-man Vol. 2 #11
I thought he was just erasing the old Peter Parker memories. Didn’t know he was erasing the new ones he made when making the switch.