Boku no Hero Academia - Twilight (Doujinshi)

[MangaDex]

 

[AiKu]

I'm really confused as to where why Kacchan could see Tanuki Deku but Kaminari couldn't

 

[vaia]

I think the tanuki represents the uncertainty and obliviousness towards his own(Deku's) feelings. The tanuki transforms into Deku's image to further allude this.

So, perhaps the reason Bakugou could see the tanuki was because he is struggling his own wavering emotions (probably towards Deku)