My theory is that Bonney was in fact created by Vegapunk to make one of his first attemps making real living person using the DNA of a Yonko which would be Big Mom, and adopted by Kuma adopted her when she was a child like what happened to other characters in the story, like Nami.
There are alot of similarities between Bonney and Big Mom, from their hair, to their design (Bonney does kinda look like young Big Mom), to their ships and their monstrous gluttony.
Bonney stated that she was in Egghead when she was a kid and when it was still a normal lab and when Vegapunk was still only 1 person, so this might be implying that she was born on Egghead.
The theory goes that Bonney was a present for the Sorbet kingdom because they might be the first ones to fund Vegapunk or something(idk), and they paid Vegapunk to make an heir that was as powerful as some of the Yonko.
In some way, Vegapunk got the DNA of Big Mom and combine it with a secondary party which would be the queen of the Sorbet kingdom (which might explain why guards at Mary Geoise think Bonney is the queen), and was kept in Egghead for some years.
But the queen might have died, so Kuma took and raised Bonney instead of the queen. Vegapunk might have given her to Kuma, but not as a gift, but because he deemed Bonney as a failure because he couldn’t get the size right (she might have her durability, but we don’t know for sure yet).
Some evidence of the theory
Vegapunk’s satellites seem to be based on the Christian Seven Deadly Sins, as they are a group of 7 variants of the same person, most of them seemingly embodying negative aspects of her personality. This would mean Stella would embody one of these as well.
While the tags do not fully match the Seven Sins, each character seems to be a representation of one.
– Lilith (Greed): She is first and foremost interested in money and treasure, to the point she didn’t even notice Zoro and Robin are ready to end her in an instant.
– Atlas (Wrath): She gets angry as soon as she starts thinking about the lack of funds and good engineers, and her tendency to resort to violence.
– Shaka (Pride): Although they seem to be honorable due to their pride, they are still called very prideful in both the scans and the official translation.
– York (Lust): She represents desire, which is basically another way of saying Lust.
– Edison (Envy): Envious people tend to flaunt their successes, which fits with his tag; also, the real Thomas Edison was accused of stealing ideas from other inventors, maybe also hinting at this being Vegapunk’s jealous side?
– Pythagoras (Wisdom): This one is not very clear, the closest match may be Sloth/Laziness, as his wisdom could make him lazy in a physical sense, chasing knowledge rather than physical power.
While the tags in the official translation are different (York embodying Greed, for example), the parallel to the Seven Dealy Sins is still evident. Despite this, in both translation there is one Sin that does not match any of the satellites, based on their tags – Gluttony.
As such, we can pressume the original body, Vegapunk Stella, represents Gluttony.
Jewelry- The glutton.
Her father, Kuma, had a particularly close relationship with Vegapunk, to the point that he trusted her with turning him into a cyborg and “removing” all of his humanity, as part of his plan.
This also makes sense considering what we know about Vegapunk’s past with MADS. The team was active until before the Vinsmoke children were born, which means a minimum of 24 years (Reiju’s age). Bonney is also 24.
Additionally, the age range of the MADS team is between 40 (Caesar) and 56 (Judge and Queen). Stella should be around the same age as them. Kuma is 47, which also fits in the range, so they would be around the same age when Bonney was born.
By this fact and the fact that in Bonney’s flashback, Kuma has been shown wearing a lab coat and professor glasses might show that he didn’t just was the King of the Sorbet Kingdom, but also worked on MADS like Judge and Queen. If this is correct then that means that Vegapunk help create Bonney along side Kuma by attemping to make sentient life using the DNA of 3 individuals:
A yonko for strenght: Big Mom
Royal blood: Queen of Sorbet
A genius (aka a glutton for knowledge): Vegapunk
But I think that Bonney hasn’t activated her genetic gifts like Sanji yet. This also might reflect on Vegapunk on the count that this also reflects the 7 deadly sins part because Vegapunk is a glutton for knowledge, and Bonney is a glutton for food.
Theory by hohktrsflhceqsh (https://www.reddit.com/user/hohktrsflhceqsh)