He is a Steve Ballmer sendup, but Gates and Ballmer worked closely for many years at Microsoft and had many fundamental disagreements about the direction the company should take. Ballmer refocused Microsoft from software to hardware when he became CEO (hence "The Box" joke on the show).
Ballmer himself probably doesn't like the caricature (he's a bit of an internet darling, isn't he? https://www.youtube.com/watch?v=I14b-C67EXY), but would someone who worked with Ballmer find it accurate? Likely.
Not to mention, Gates wrote the article about Silicon Valley linked in this thread.
