It's self-aware of the nonsense of the cultivation genre, at least. It doesn't make sense because cultivation is fake.
"If you beat the weak one, the strong one comes. If you beat the strong one, the old one comes." Accept the premise and it's really funny, self-aware, good stuff.
The treasure naming scheme eventually becomes more understandable... If I were to compare it to smartphones, "supreme" is like the "plus" or "pro" versions. 😅