In the game where that code is from, you play as a human soldier fighting for a starship troopers-esque over the top obviously fascist but played for laughs Super Earth Government, and they routinely call the bug aliens fascist while calling in bombing runs on them.

"Notices bulges OwO what's this?" is used within the groypers to make fun of furries, as well as when they are (ugh I hate that I'm about to say this word) "transvestigating", which is when they "investigate" whether someone is trans or not. Also see "If you read this, you are gay LMAO"

Bella ciao is also used ironically within the groypers.

If it was the only thing there... Sure. Its not though, its one of several things, which all have one very specific context - groypers.

Context is always important.

Edit: Forgot to add - with Helldivers 2, the joke is you've got fascists dropping bombs while saying they are dropping bombs on fascists. Again, a meme reference for groypers.

Good question. I'll show you something then you decide or you want to dive into it further. It mostly far-right meme shit and doesn't make a lot of sense for outsiders.