I was confounded at first as well.

But I think the idea is that it's so BAD, that it's funny! In fact it's almost painful to watch.

I mean he is singing "ho-ho-ho-ho ha-ha-ha" and they actually subtitle exactly what he is singing! Like what is the freakin point of that?

Not to mention that the makeup on his face is so thick it looks like he is a singing manikin.