[FNAF] Five Nights at Freddy's is an extended masturbation allegory
You play as an immobilized man in a dark room trying to stop the characters moving around the building from getting into your room and seeing you. There's nothing in the dialogue or plot to suggest that you're paralyzed or tied to anything, so you're inability to move must come from doing something else: probably something you wouldn't want others to walk in on you doing, hence your behavior. Mike Schmidt is actually an adolescent boy trying to masturbate while his family members (represented by Freddy, Bonny, Chica and Foxy) move around the house, keeping careful watch to make sure none of them come in. Freddy represents a parental figure of some sort, he's in charge, is the most intelligent, and its literally "his" place.

Bonnie and Chica are siblings of some kind, and Foxy is an older brother who specifically delights in rushing to catch his younger brother in embarassing situations though this is just really just to project his insecurities about his own sexuality, a naval spirit trapped in the metaphorical "closet" of Pirate's Cove. Golden Freddy represents the various vague cultural apprehensions and irrational fears surrounding masturbation, making him incorporeal but just as dangerous. He looks like Freddy because Mike probably got most of his misconceptions about jacking off from his parents, while the 4 main animatronics represent the fear of obvious embarrassment at family members seeing you jerking it. The actual reason losing power is so dangerous is because that's when the fan goes off and Mike's Dad (Freddy) hears what's going on as loudly as possible.

Scott Cawthon clearly tried to make this symbolism more obvious in the sequel games: first by making the animatronics increasingly fappable, then by dropping all pretenses and having the fourth game literally be about a kid in his room trying to stop figures from entering said room based on sound, complete with the older brother as Foxy who's literally in the closet.

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⠀⠀⠀⠀⠀⠀⠀▄▄▐▌▄▄ ⠀⠀⠀⠀⠀⠀⠀⠀U HAVE BEEN BANGED BY
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⠀⠀⠀⠀⠀⠀▐▌▀▄▀▄▀▐▄⠀⠀⠀⠀⠀THE SPOOKY BOOTY BANGER
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+rep nice trader

Signed by Wolfyy <3