One element of caricature is distortion.
Another is exaggeration.
Another is belittlement.
Another is polarisation.
Another is cynicism.
Another is humour, but at another's expense.
When done well, it magnifies a particular feature of a person to highlight some failing or another.
Unfortunately, the same image drawn repeatedly tends to draw a caricature of the caricaturist.
As someone prone to distortion, exaggeration etc. and, of course, obsession.