Given $A = I_2 - MM^T$ and $M^TM = I_1$, $M$ is established as a unit vector. Consequently, $A$ is a projection matrix, and its eigenvalues are restricted to 0 or 1.
For this specific scenario, the eigenvalue $\lambda$ of $A$ can assume values of either 0 or 1. The sum of the squares of all feasible $\lambda$ values is thus calculated as:
$0^2 + 1^2 = 1 + 1 = 2.$