On the one hand, I think it's clear that the purpose of Emelianenko's comeback probably has more to do with money and taking easy fights to make it.
On the other hand, he has to know that the level of fighters he's fighting is making him look like shit to a lot of fans who are brainwashed into thinking that he should only be fighting elite fighters, and he's trying to be the #1 heavyweight in the world again.
This is the same as Sugar Ray Robinson's comeback when he retired in '52 with a record of like 131-3, and then suffered like sixteen more losses after his '55 comeback. It's not a comeback to be a dominant champion and be an elite fighter. It's a comeback to sell out arenas, get TV licensing deals and sponsorships, and make some money.
All that being said, the quality of opponent is probably still lower than who he should be fighting. Emelianenko should be fighting the likes of Wanderlei Silva, Rampage Jackson, Tito Ortiz, and other name guys relevant to his own star power, at the same stage of their careers as him, and are still winnable fights for Emelianenko.