Designer parodies were cool when no one was doing them. Keep in mind in Shawn Stussy's day Chanel and surfing couldn't be further apart. Now, Chanel makes surfboards. By aping the linking C's with the letter S, he was making a statement saying he knew about those fashion brands, but wanted to create something that spoke to the stuff he was into. Now, simply copying a well-known designer logo is hardly transformative, it's just making a bootleg version of the real deal. There's no more cultural gap there.