I don't know about it being unreadable, or infants participating in this debauchery, and I doubt anyone feels superior when they use it. I'm pretty sure it's just for shits and giggles.
well, feeling superior or cool is in the origins, or at least the name of 31337 5ΒΆ34|{. And someone who calls themself a "1337 h4x0r" is probably quite deluded.