The video was VERY well-done...and you're right about the time investment to pull all the elements together and edit it. The song, however, is practically a joke. Don't get me wrong...the band has every right to perform novelty songs if they want...but jeez. I can't believe the state of music today.
You got it right in the headline, but not in the description. Maybe it only takes 4 chords to make a HIT song, but rarely a GOOD song. Most of these are hardly examples of good songs...rather, popular songs. And having a repeating progression from part of from PART of a song hardly constitutes the whole song.