Does it need to be a joke?
"Innovating" is often used in situations we consider good and sometimes we begin to associate it with some positive moral/ethical weight, but that is an incorrect association. Innovating on something is only as good or as bad as that something is. Innovating on something bad is thus bad.
The grand parentonly called out being innovative on "Terms of Service" without assigning "Terms of Service" a good or bad moral weight. I think we can read some implication from the short post, but (IMHO) the best part is that it can just as easily be read as a criticism of the wider concept of "Terms of Service" as of Meta itself.