There are several takes on this ship, all fascinating in their own way, but they all tend to lie on a scale from Wholesome to Toxic. Let's explore the extremes:
Wholesome
Who knows how they met, perhaps at a tournament or at a nightclub, but Siegfried finds himself enraptured by Malik. As their relationship develops, they begin to relate on the pressures of expectation, and the shortfalls of duty. Malik's origins as a Tombkeeper left him with scars both physical and mental. While Siegfried can't relate to the intensity, he knows full well the cost of obsession and the burden of upholding a family legacy. Their shared desire to break free leaves room for healing, and love.
Toxic
Malik is an enchanting creature of darkness, a gorgeous monster forged by his father. Siegfried is always devoted to beauty and tolerant of uncouth methods. Together they feed each other's worst habits: Siegfried can indulge in his obsessive nature, and Malik finally has someone who sees him for the Pharoah- no, the god- he is.