Yes it's based on a comic by Garth Ennis. Superheroes become mainstream enough that there's a superhero industry and their brands are managed by a corporation because they're celebrities now instead of vigilantes. Crazy guy with a grudge gets a team together to eradicate the supes because 99% of them are flawed, egotistical maniacs as they're basically groomed from young age like Nickelodeon stars but they're walking WMDs instead. So it's "anti cape-shit" but effectively still ends up being cape shit most of the time because most characters are supes.

It's sorta in the same vein as The Watchmen where it poses the question "what if superheroes were real?" and proceeds to answer "pretty much nothing good and a whole lot of bad." With way more sexual debauchery.

It is the rare capeshit that criticizes capeshit enough that non capeshit likers such as myself can enjoy it

It's capeshit insofar that it has superheroes and sometimes they fight with lasers. It is not at all like actual capeshit I think, the last Marvel movie I actually saw was Ironman.

Imagine cape shit but “what if corporations BAD?”

Extremely boring, surface level criticism of le crony capitalism. If you want to watch good cape shit, watch Birdman because it isnt capeshit