Full disclaimer, a lot of what I’m about to show is inexplicable.
The mochis are supposed to be wacky, abnormal, and
irrational. There’s no clear-cut answer as to why exactly they exist in Hetalia. They’re simply a theme in the
manga that don’t have much sense to them.

On the other hand, despite how minimal it is, there are some
explanations I can offer about what the
mochis are.

What are the mochis based on?: 

The mochis are otherworldly characters.

Ex: Estonia is brought to their world in his dreams.

Of course, their physical design is literally based off
Japanese rice balls. Each mochi represents the characteristics of their respective
nation. As such, they are also able to procure flags on a whim.

On top of that, it appears that Hima’s depiction of the
mochis is a play on words for emoticons and emojis.

They’re rice balls (mochis) that have personality (emotions).

Mochi + emotions = emoji [emochi].

Ex: The mochis are described as being based off an emoticon
Hima received in an email. [x]

Ex: Hima posted Hetalia-inspired emoticons made by fans on his blog. [x] [x]

Estonia’s involvement with them: 

Estonia initially purchases the mochis off an online auctioning site. 

The reason I believe that it’s Estonia who owns them is simply
because he’s an IT nation. A large area of information technology are computers
and the internet.

Ex: Estonia has a blog, “as befitting of an IT empire.”

If the mochis are living beings meant to represent emojis,
it would make sense that Estonia, as a nation that specializes in computer technology,
would be paired with them.

Some internet-related things would include…

Ex: Mochi Spain initially appearing with a speech bubble on
the side of his head, although this later turns out to be a cookie… (?)

Ex: The fact that the mochis swear so much. Perhaps this is
supposed to represent the unfiltered profanity of the internet. They do have
their own native language, though.

Other than that, there’s not much that I personally understand
about the mochis given how bizarre they are.

Things about the mochis that we’ll probably never make sense of:

The leader of the mochis refers to Estonia as Holy Bitch.

Amerimochi thinks that a head of lettuce is his father.

The mochis can have legs and arms.

You get 500 million experience points if you defeat a
mochi.

The mochis were weird enough to scare aliens. Hima’s fully aware of what he’s doing.

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