You are right that is used here to mask a letter.
There are several related but different reasons as to why one would do this. The comment section already refers to one such use, where certain words are deemed inappropriate (especially on broadcasting), the equivalent of f*ck. But I don't think that explains this one.
In this case, I think the intention is to poke fun at in several ways.
First, by disgracing their name, by implying that it needs masking, as in the same league of f*ck and such. It also implies that the content refers to them in a negative way, which would actually make it more attractive to certain audience (who despise them.)
And finally, because the masking in this case doesn't really mask anything, for those who do not see nagatively, this sends a signal that they should.
(Perhaps you aren't aware of the controversies surrounding , and if so, reading upon it a bit might make it easier to understand this.)