The song performed as Seth MacFarlane walked out to face the auditorium full of Hollywood's gorgeously-gowned, tuxedoed and bejeweled elite was "What's Wrong with That?" from the movie -- The Happiest Millionaire.
As I said, I'm going with subtle joke. If it wasn't, it should have been.
For those who like to keep a scorecard of such things, the score was by the team who wrote, Mary Poppins, the Sherman Brothers, Robert B. Sherman and Richard M. Sherman. And it was performed by, of all people, that world famous song-and-dance man, Fred MacMurray.