okay, let's talk about the 1889 meeting between Dream and Hob
(i'm currently rewatching the episode and just i need to talk about it)
Hob has spent centuries barely knowing anything about the Stranger, he'll ask questions at every single meeting to never get any clear answer as to who the Stranger is. all he has are assumptions, "you know everyone, don't you?" because Dream didn't answer him. and you can see very clearly that Hob was annoyed at Dream deflecting yet again this time, that instead he of talking about himself he talked of Lady Joanna. but, at least he learned something about the Stranger.
for centuries their conversations have really only been about Hob despite his many attempts to learn about Dream.
Hob says "people are almost always better than you think they are. not me, though. still the same as ever." simply being a bit self deprecating, he feels bad for his past actions and he can't see himself as a good man anymore.
Dream says that Hob's changed, because he's seen over the centuries that Hob has changed, he's complimenting Hob by saying that he's changed.
the minute Hob brings the conversation around to Dream, at first possibly attempting to return the compliment in saying that the Stranger has also changed. it's an assumption, because all Hob really has to go off of with the stranger is assumptions. "i think it's you that's changed". he doesn't know, how could he? Dream barely lets himself be known by Hob.
and despite this being said by Hob with a smile, despite this being a reflection of a compliment from Dream, Dream's face falls. "how so?" it's easier to see change when you're not the one changing, when you're on the outside.
Hob continues forward with his assumptions, a bit more confidently, possibly overconfident, "i think i know why we still meet here, century after century. it's not because you want to see whether or not i'm ready to seek death. i don't think i'll ever seek death. by now, you know that about me." he's slightly projecting, they've been at this for centuries so Dream must know by now that he won't seek death, right? he knows Hob better than any living person at that time, he must know this about Hob. "so, i think you're here for something else."
this corporeal form of a man has literal tears in his eyes, "what might that be?" (this is possibly the moment when Hob should have realized it was a bad idea to push it)
"friendship." i believe Hob is projecting, that he's hitting the target right on the mark, but he's projecting. maybe i've read too much fanfic or thought about this too much, but Hob is an immortal being who has to almost constantly lie about who he is to everyone, except Dream. except the man who already knows everyone, who sees the best in Hob despite what Hob has done, who drives Hob to be a better man. in 1789 it is very clear that this relationship is of great importance to Hob, the way they act, it's obvious that Hob cares and they are friends in his mind.
and there's been the idea that i've read (because i read a bit too much dreamling fanfic) that, in 1689, Hob says "i've got so much to live for" at least partially because of Dream. now it's probably a better message if he said it on his own account and not because of specifically who he was speaking to. but i've seen the idea that he said it in order to make Dream happy (because Dream is almost never happy, and the last century he supremely failed to impress Dream), i've seen the idea that part of that "so much" is Dream and their friendship. i think 1689 confirms to him that Hob doesn't need to be impressive for Dream to want his company, that Hob doesn't need to be constantly happy, he just needs a will to live (idk how he has it, personally that sounds really difficult). 1789 confirms that Dream can guide Hob into being a better person, that Dream cares for his well-being, and that the Stranger might just finally tell Hob something about himself (Dream was just about to actually give an answer--a shocking turn of events--when Lady Joanna came in and screwed it all up).
anyways, back to 1889, Hob shoots his shot and offers friendship to the only being who could possibly understand him....and then he takes it a step too far, flies too close to the sun, and says, "i think you're lonely". and honestly, i don't see Hob's reason for saying this. not in a "why the hell would you say that" type of way, but like, in my mind, he doesn't have much reason to assume the Stranger is lonely. at this point in time he actively has reason to assume otherwise. Dream mentioned how he knows all of this information about Lou, about how he worked with Lady Joanna again, Hob even gives thought to the idea that the Stranger "knows everyone". so why would Hob think he's lonely? he's projecting. no one can understand Hob's life and a similar situation is probably going on with his stranger. no one can understand except them two. immortality is isolating.
and what does Dream do with this offer of friendship from a person who he does obviously care for, he focuses on what he perceives as an insult. "you dare (call me lonely and say i need your friendship)".
Hob tries to go back on what he's said, on the boundary he's overstepped, "no, look, i'm not saying..."
but he's angered an Endless, he doesn't know it, but he has. he's basically called a huge ego'd God lonely. there's no stopping Dream from being a drama queen at the idea that HE could be in NEED of HOB'S COMPANIONSHIP.
and oh Hob, oh Hob, oh Hob. you just have to be an overconfident cocky bastard, you just have to dare.
and because Dream is incapable of being vulnerable and allowing himself to have nice things such as friendships, he's gotta prove Hob wrong. he announces his leaving.
they stand. Hob moves forward, like he's about to grab Dream's arm or something like that, ask him to stay maybe. Dream swiftly walks past him and Hob grimaces, they've fucked up the only constant in their lives. the only friendship with a being who could truly know him.
walking out dramatically into the dramatically raining night sky and Hob dramatically exclaiming, "i'll tell you what, i'll be here in 100 years' time. if you're here too it'll be because we're friends." (why are you friend zoning yourself man, you're in love) "no other reason, right" (the other reason is that you're in love with each other, why can neither of you idiots see that?)
"fuck." says the man who has just ruined his most long running friendship with the man of his dreams (i think i'm so funny).
and that's my analysis of their meeting in 1889, from Hob's perspective mainly.