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The entire situation is a work. CM Punk's success has always been centered on the idea of him having a real life feud with someone in authority, and talking about it in a smarky way. The pipe bomb was him looking into the camera and waving at Colt Cabana so smarks feel in-the-know, his whole run was little bits of that, then his shoot podcast. They're trying to recreate that in AEW. The EVPs are the closest thing AEW has to "idiotic daughter and doofus son in law". If Cody were still there, he'd be feuding with him instead. This is all just a prop for curtain peeling and enabling CM Punk pipebomb style promos. It just isn't working because his promos aren't good anymore, he can't work really, and nobody really watches AEW or cares about "the elite" the same way they do HHH and WWE. The intended audience is also primed to like Kenny/the Bucks, and were primed to hate HHH.
Nevertheless, even though it isn't working, that's what they're doing. It's all fake.