The joint detection of merging neutron stars in gravitational waves (GWs) by LIGO/Virgo and in gamma rays by the Fermi Gamma-ray Burst Monitor (GBM) provided the first direct evidence for the long suspected connection between short gamma-ray bursts and the merger of two compact objects. The complementary information encoded in the electromagnetic signal showed that such observations can provide essential astrophysical context to gravitational wave detections. Despite the wealth of information that was gained by the multi-wavelength observations of this event and the associated kilonova, many questions regarding the nature of the high-energy emission still remain and have become a source of vigorous debate within the community. I will discuss these open questions and present an overview of the theories that have been put forth to explain the high-energy observations.  I will also propose observational signatures that could help better discriminate between these competing theories in future detections.