A theory of everything means a mathematical model wherein the total network of physical observations are precisely mimicked. Think of it as a map where everything observed or can be observed has its counterpart in this abstract model and any relationship implied in the model has its physical observation.

Does such a mathematical model mean domination of nature?

Current science comes very close to this ultimate theory and yet we are far from dominating nature. What we have now is a concise description of observable nature and the postulated unified theory is a step further. No domination is implied or expected.

What are the implications if such a theory is found?

In a way, it means physical reality is a manifestation of that theory. It means physical reality is fundamentally mathematical and a particular part of it ‘personified’. That would indeed be profound. However, it does not mean we can anticipate every observation in practice or in principle because the ‘unraveling’ of the model would require the whole universe or perhaps is the universe.

Can such a theory be found?

My conception of ultimate reality is ‘no rules’ or equivalently ‘any rule goes’. Perhaps ourselves and our perceptions are limited to a finite subset of those rules and if so then an ultimate theory can be found. The current theory of quantum mechanics indicates that those rules necessarily imply ‘something’ (our universe) from ‘nothing’. Therefore, the basic building blocks of reality are rules and if there are ‘no rules’ or equivalently ‘any rule goes’ then one sub-rule might create its own bubble which we call our universe.