In this opera, Gilbert satirizes a recent innovation of his time: The limited liability company, which permitted people to form a company which, if it filed for bankruptcy, was completely absolved of all its debts. This arrangement clearly favored the people forming a limited company, rather than the public at large, and as such was perfect fodder for satire.
It is also a send-up of English institutions and the status quo, ranging from the Navy to Government by Party.
Utopia is performed less frequently than the other Gilbert & Sullivan operettas, in part because it is expensive to produce, and in part because it is difficult for modern audiences to follow. Its subject matter would have been immediately grasped by its original audiences in Victorian England, but its finer points are lost on audiences today. In this way, it differs significantly from shows like H.M.S. Pinafore and The Pirates of Penzance: Those operettas are still immensely popular, thanks to their themes of love and duty which have transcended time.