I feel like Key & Peele want to do a full on bit making fun of all this, but can't go all in so it comes off as half baked and awful.
I think Key&Peele are funny when in their own context. Very few comedians do well in these sort of formats. Maybe Chris Rock back in 1999.
Key and Peele are obviously restrained by MTV but they are brilliant, legitimately brilliant, writers and performers and they made a last mimzy pun so they are only reinforcing their iconic status.