It's basically the modern equivalent of "turtles all the way down" because it pretends to explain the nature of reality by extending our definition of reality to fit within an all-encompassing mental model that only makes sense on a surface level.
Granted, the words "universe", "multiverse", etc. are insufficient in describing everything in a way that includes everything we currently want to include, but giving a new name to that abstract idea of "everything" isn't itself a compelling argument to also say that everything exists as a static construct and that everything is computationally irreducibile and deterministic at a fundamental level. Yes, that makes sense in a physics simulation, but in reality, we don't know what we don't know. Placing the unknown in a conceptual box doesn't imply that it's now known.