The idea is that the reader - briefly acquainted with Bentham and Mill as part of their undergraduate education - has a smug, knowing chuckle when they recognize these references. (Similar to “clapter,” I’d call this a “snuckle” piece.) The quality of the satire itself is irrelevant. Substantive satire is actually impossible: the author briefly recaps Mill and Bentham’s differences for that “oh yeah, I remember now” feel-good reader moment, but can’t get too far into the details as this would alienate the reader, reminding them just how much of their education they’ve forgotten (if they ever did the assigned readings in the first place).
Cynical attitude aside, I’m not sure why this is on HN. It doesn’t seem particularly insightful, interesting, or funny.