I use it to indicate my derision, and that I refuse to take this person seriously. That's the point. How the reader reacts is beside the point, to me.
Diminishing names used for delegitimization are not something reddit invented. Calling George W. Bush "dubya", Barack Obama "barry", or Richard Nixon "look it up" are all great examples of a time-honored tradition.
Hope I cleared that up for you.
Is the hope that Elon or fans of his read it and get offended? I doubt they care much, and I fail to see the point of it.