Link Might Be Dead Too
To be frank, I've noticed a trend with Elegy of Emptiness.
Break down the name and you notice it means a mournful poem or expression "elegy" and a depressed state of nothing "emptiness" which can portray an expression to the dead. Also note that you learn the song in Ikana Canyon, the land of the dead.
As you already know both Darmani and Mikau died. Darmani had a boulder slice through his stomach, and you see that scar on the statue. Mikau suffocated because of treading into unsafe murky waters, but you can assume the expression of that is there. Lastly, you have the deku statue, which controversially can stand for the Deku Butler's son.
(Remember when you start the game you see a very sad deformed tree which turns out to be the Butler's son. Shortly after you are transformed into a deku by Skull Kid. Later on when you see the Deku King, the Butler says you remind him of his son when you're in that form. Evidently, we can say that you took the form of his dead son.)
All together, you see that the three statues are of the dead. So, wouldn't that mean Link would have to be dead for a statue of himself to appear? I believe it could be either figuratively or literally.
Figuratively, it may symbolize the death of his past. Maybe it's of leaving Hyrule, or finding out he wasn't a Kokiri child.
Literally, the entire game of Majora's Mask may be an illusion all itself. My theory to explain the change between Ocarina of Time and Majora's Mask is that after you defeated Ganondorf and Navi leaves, like how it says in the beginning of Majora's Mask, Link sets out to find Navi. However, remember that Link is not a Koriri kid, and whoever is not Koriri enters the Lost Wood (which is where he set off to) get lost forever. Obviously, being lost forever means you die. But my thoughts are before he died, his mind took reality and shaped it into a new setting called Termina.
You notice that there are many characters from Ocarina of Time in Majora's Mask, with the exception of new ones. I theorize that the old characters are part of Link's memories and the new character are other people who also got lost inside the Lost Woods.
To sum it up, the statues are all of people that died. I'm sorry for such a long post, but I found this thread and I just had to pour my theory here. Thank you for taking the time to read it.