Thanks:)
The game was originally created for the PS1 "Summer of Shivers" Game Jam, which allocated two parameters for each submission, in that the game in question feature an underwater setting, and incorporate an aesthetic reminiscent of the mid-90s PS1-era. So yes, the resemblance to the early-Playstation style is purely intentional, as is the mixture of both nostalgic and parodic tributes to the era.