If I remember correctly a "technical fellowship" was Google thing.
Basically if someone's skill set was so important or rare but they wanted to retire Google would pay them a salary to be "on tap" if they were needed.
It was considered quite the prestigious position in the tech word to have as it meant you were pretty much vital to the company and a leader in your field with either skills or knowledge that was unmatched anywhere else.
So yah, it's no wonder Elliot wanted that title. He never got it the real way, being a low level nothing manager who spent most of his time doing troon rights shit and bullying anyone who disagreed with him out of a job, so his "skill set" is about as valuable as a bag of dog crap.
My guess would be Honeycomb is either cutting back on staffing and Elliot took a semi-retired role and he was tossed the cookie to make him compliant. The tech-sphere is going through a rough time right now and Honeycomb isn't exactly making money hand over fist in a hotly contested area so it's a good time for Elliot to "take a step back". After all the doughy eunuch has more then enough money to last him out the next decade or so until his troonism causes his death.