I also rate it as pretty sucky, but I don't see that it's a ripoff of the SMBC comic or even trying to do the same thing.
The SMBC comic is about a utility monster. The EC comic is about the term "utility monster".
The SMBC comic asks the question "what would the world look like, if we maximized utility and there were a utility monster" (and answers it in a silly fashion). The EC comic asks the question "wouldn't it be funny to draw a comic with a utility monster that -- ahahahaha -- actually looked like a monster?" (and, perhaps unfortunately, answers yes).
The SMBC comic would be exactly as interesting, and exactly as funny, if the particular term "utility monster" had never existed. The EC comic would be 100% pointless if that particular term had never existed.
[EDITED to fix a trivial but boneheaded mistake.]
a utility monster that -- ahahahaha -- actually looked like a monster?
I guess the joke is that "utilities" can refer to piped water.
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