Maybe he gets it and is blowing smoke, but he has every incentive not to get it and to dismiss it out of hand.

Understanding bitcoin takes humility, time, and effort. It's really easy to dismiss if you're not genuinely curious and wanting to learn. I think the simplest answer is that he sees no benefit in giving bitcoin a fair shake, and he's deeply invested in a system to which bitcoin is anathema.

If he really understood it, could he not find a better FUD than illicit usage or "Satoshi will reappear an magically mint new supply?" I think he could get more mileage from "Ponzi" or "boil the oceans" - those at least take significant background knowledge to properly debunk. This is no 200 IQ play imo.