The song isn't called "Jeremiah Was A Bullfrog", despite how you know the song.
It is a drinking song, and a happy one at that. Is it a serious song? No, of course not. It's just a lot of fun. It's a song specifically written to elicit a smile, and it succeeds tremendously.
As I write this, I have learned that it is featured in a current JCPenney holiday commercial. It's fitting, but I am rarely this accidentally timely.