“Punching down” also indicates that he thinks he’s somehow on a different level from them. So, it should mean, for example, that he’s making fun of comedians who are less successful than him. Or maybe it means he’s making fun of people who have less money than him.
But, there’s likely a trans person out there who has more money than him, so what does he actually mean? He’s the one quoted in this special as saying “I love punching down!” Those are his words that he chose. Is he saying that he’s inherently better than a trans person or a disabled person?
It used to be popular for white people to think they were inherently better than black people. Talk about a lack of perspective.