I think you're partially right, but I'm going to guess, instead of trying to look cool to them, he's just poorly coping with the fact his kid came out as trans and disassociated with him completely. https://www.reuters.com/world/elon-musks-child-seeks-name-change-sever-ties-with-father-2022-06-21/

He turned to RWFKs because he needs to be loved, but even his own kids wants nothing to do with him. Throw in one of them being trans, and he probably blames "woke cancel culture" for his ruined personal relationships.