Regarding the formation of the High Wall, Li Fan has always had two speculations.
One possibility is that the High Wall was created by a True Immortal Who Comprehends the Dao inside Immortal Ruins. Similar to the Forbidden Formation set up by cultivators during seclusion to prevent disturbance.
Another possibility is that the High Wall was established by unknown existences outside the Wall. By sealing off the Star Sea, it aimed to isolate the True Immortal Seal Characters Catastrophe that was spreading at that time.
Both speculations hold certain reasoning.