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Yes it's huge. Some people are making millions in sales.
Here's my understanding of it.
Parody in theory is okay, but it's a subjective thing and it's on thin ice. It's not endorsed officially.
If you sign up a t-shirt program randomly and start designing such shirts, you'll get banned.
If you're a bro or making lots of money for them, they'll protect you. When they get copyright complaints, they remove your shirt. But they let you continue what you're doing and make new ones...
A bit like the Tube business I guess. :P
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