He raises UTG with smaller pps as well. And your right about the AK/AQ thing. HOWEVER, you are ahead of his small pps, and his AK/AQ has 50% against your range. And he will either b/f if he misses AK or c/f, so you still win against his AK/AQ quite often.

So by 3betting he folds the smaller pps that you beat. He either folds AK/AQ, which you beat, or calls and only puts money in when he is ahead (unless you hit set also). But, you manage to build a bigger pot against the hands that beat you (QQ+).