In a way, yes. It mocks the oversaturation of Gen I in marketing and references to Kanto in the games, where it replace actual new content.
Take for instance the Sun and Moon trailer for Red and Blue's inclusion in the Battle Tree, where it overshadows all previous announcements in the same trailer:https://youtu.be/5uWAMwcRGmU
Who gives a fuck about the starter's and Tapu's Z-Moves? There's a couple new Pokemon revealed, but most of them were obvious, like the other Tapus, or leaked, like Alolan Persian. It was pretty obvious there would be a Pokenon League in Alola. The Battle Tree is just a Battle Tower that relies on nostalgia. It's pretty blatant that the reveal of Red and Blue was meant to be TPCi's killer announcement before the release of the games, and they continue to use this same marketing strategy to get Genwunners to buy the games, and the core audience is getting tired of this in favor of implementing actual content with substance
TL;DR: Yes, it's literally hype over FUCKING NOTHING