Well, the Marvel continuity has been running continuously for more than 50 years, and it's all still technically "canon." More recent writers have taken this into account, but needless to say, there's a lot of absurdity and nonsense that's popped up over the years, and Nextwave went out of its way to dig it up and showcase it, in all its bizarre glory.

"The series frequently uses flashback scenes in which existing Marvel characters such as Captain America, Ulysses Bloodstone and the Celestials act grossly out of character for comedic purposes."