It might seem that way. But lulz always seeks to be taken seriously. And the fact that some people take it seriously, or at least seriously enough to get upset about it, is what makes it so lulzy. To those who get that, it's just lulz.
What's new is that Twitter brought lulz to defenseless masses.
Don't group everyone together like that. I used to frequent 4chan, and eventually joined in the trolly lulz threads. It was all just for fun. What made the site fun for me was the recognition of a foreign culture, the assimilation period where I began recognizing what made the site's culture unique, then a sense of being because I recognized the mentality the site formed. Like many things, it all had to do with our tribal evolution. Some may take lulz seriously, but don't assume everyone does.
What's new is that Twitter brought lulz to defenseless masses.