The first two instructions looked legitimate, but the third looked unlikely to be a real instruction.
Given that the first appears to be a branch, that's not surprising. When disassembling, not following the flow will likely not give you anything meaningful. If the author is reading this: have you tried Ghidra?
That said, this seems a lot simpler than PC BIOSes in structure, as the latter are usually written in a combination of C and Asm (I can see why no one wanted to write MIPS Asm) and are self-extracting compressed archives.
At least in comparison to x86 assembly, MIPS assembly seemed very elegant and rich to me at the time. I wanna say that MIP R4K had 32 integer registers and 16/32 double- or single-precision float registers, but don't quote me on that. Either way, it was an embarrassment of riches :)
Long term I can see this happen for all humanity where AI takes over thinking and governance and humans just get to play pretend in their echo chambers. Might not even be a downgrade for current society.