That only works if you want us to believe Al Ewing has been planning for Hulkling to become a villain ever since his New Avengers book, 'cause King Of Space is obviously a natural continuation of his arc on that book. I don't think that's his intention at all, so no, I don't think we're supposed to think the Kree/Skrull Empire are the bad guys here. I'm willing to bet that the threat that killed Bel-Dann and Raksor will end up being a threat to all beings on Earth, and that's what the Kree/Skrull are trying to stop.
I do think the Cotati are involved, judging by some of the stuff Marvel is reprinting as a part of their True Believers line next year. In addition to stories of Hulkling, Mar-Vell and Anelle, they are reprinting stories about the Cotati, Mantis and Quoi. That definitely sounds like everything is connected. And I'm sure there will be a backstory to explain everything.So we think the Cotati are now this powerful space empire that wants to ravage the Kree and Skrull? And they killed the Skrull Bel-Dann? There would have to be a hell of a backstory here. And why bother introducing the Masked Raider after all these years when he never showed up for Annihilation, Secret Invasion etc? I have to say, not enough has been revealed here except as a prologue for later.
As for the Masked Raider... I'm still not sure what exactly is his purpose. And let us not forget the return of Korvac that was teased on Marvel Comics #1000. Considering all of the cosmic elements and the fact that this is all a part of Ewing's grand design, I think it's possible it's all supposed to be a part of the same story, as in, Masked Raider and Korvac will also play a part on the Empyre event. Or maybe it's something unrelated... but considering everything seems to be building up to Empyre, I'd say that's the safest option right now.