It was 'lol random' back before that was really a thing. As far as surviving today? Probably not, but you can't really make something like freakazoid these days.
As stupid and random as it was, there was a lot of effort put into the animation and designs. Today it would be made with low effort flash animation, and that would mostly make it feel cheaper and less risky. When you had the WB superhero animation going full bore into a slower scene where Freakazoid goes into a ramble, you kind of feel it more. It isn't just a 4 second scene made by tweening a few frames automatically and running the voice acting through a lip flap syncer. Even when it's running a joke into the ground on purpose the jokes have at least some weight.
Also lets remember that superhero shows and action cartoons were way more prevalent at the time it appeared. A parody coming out when there are dozens of shows for it to work with is a lot more fun than when one comes out when the genera is dying. (Hence why people hate TTG and Thundercunts)