Okay I don't actually think there's a UT reference in this game, for the most part it references stuff from much earlier than that. As far as I'm concerned this game is completely bonkers. From a gameplay point of view it plays a lot like a top down GTA style open world game, it even makes references to saying that it is an open world game. Outside of that though the game is so much more. It has references to so much old stuff, Punch Out, Back to the Future, Metal Gear, it straight up has a mission which is basically Paper Boy. The player character is also just called Player. If you don't have that nostalgia or appreciation for a lot of those older games a lot of the jokes are probably not going to make a whole lot of sense.
There is some stuff that is newer like the Dark Knight bank robbery at the start of the game but for the most part it's older references than that. So that's really where this game lives or dies. It plays pretty well and some of the writing is pretty funny and random regardless of if you get what it's a reference to, but there have definitely been moments where it's clear that I haven't understood half the joke that the writing it trying to tell. Luckily the game is random enough that you get some other insane weirdness happening like 5 minutes later so overall it's a good time all round.