None. She is just a stand-in for the whole pandering thing.

Essentially: Kennedy is the boss of Lucasfilm (not Disney or Marvel) and therefore seen as the one responsible for the trainwreck of films Lucasfilm has put out in the last decade. In the Star Wars sequels, the main character was a woman who was poorly developed. New male characters were sidelined and Luke’s character from the old movies was destroyed in a way that isn’t only out of character but also delegitimizes his accomplishments in the past. Last Jedi could be interpreted in a way that says “trust all women, no matter what and men are bad”. In the new Indy movie, which I have yet to watch, there’s also a new female character who gets the focus and apparently belittles the eponymous hero. Both characters, Rey and Helen respectively, fall in the same category of “young, overambitious woman who is better than the male hero and outperforms him for no reason”. People think that they are self-inserts of Kennedy and few her as a hateful woman who destroys beloved heroes to make herself the new heroine out of narcissism.

Before the new Indy movie came out, there was also the rumor that Indy would die and erased from the timeline. It’s about time travel. The younger Indy would die, the older one fade into nothing and the movie ending with scenes from the previous movies showing Helen in Indys place. That’s probably the closest it gets to the replacement thing South Park mocked. (The rumor turned out to be false, but other infos from the leak that originated it was confirmed by the trailer that came soon after, including a screenshot from the trailer so it some merit.)

South Park uses Kennedy as a representive of all character changes for the sake of diversity in movies regardless if they were by her or even by Disney. Other examples are the female Ghostbusters, the black Annette in Castlevania: Nocturne, the black Albert Wesker in that horrible Resident Evil Netflix show or the black Ariel (no, that wasn’t Kennedy). Why Kennedy? Possible because she is the only “face” of those diversity changes. Netflix gets the most flak for recasting white characters or male characters to the point that it has become a meme (“Netflix adaption”). But Netflix is just a faceless corporation, without any specific people driving those changes that can be made fun of. Another reason I guess is that Matt & Trey just wanted another way to rip on Disney.

Looking forward for all the downvotes and insults.