It's a joke to 4chan et al but not the people who fell down that rabbit hole. I don't know how many people actually believe in it, but based on watching protests and other political activity over the last few years, it's substantial.
I’m not convinced it isn’t just performance art or clever meta-commentary or a joke for the in-person protestors as well.
I also spent an inordinate amount of time watching protest/political live streams in 2020 and 2021, which further reinforces this.
"Performance art or clever meta-commentary or a joke" has a way of mutating into sincere belief if the content gets at all popular.