It'll still be tricky to translate memes since those words are often baked into the image. Unless they are doing ocr then overlaying the result, we'll need to hope someone transcribed the meme.
Thats actually coming aswel. Ai like chatgpt and google bard are gething their visual modules to understand images and text. A few demos have demonstrated the ability to understand memes in context.
We don’t need to overlay perse, Ive seen a few comment section bots already that explained what was in an image for blind internet users. As long as they are properly labeled as ai i welcome any ai interpretors that can aid global communication.