It's just not that funny or clever.

Edit: lol the downvotes but you're all right I can do better-

It's not clever satire because unlike say, the Gulf of Mexico, South America is an actual real geographical designator in common usage.

If Trump decides tomorrow to announce "the only good America is the United States of America and therefore..." then renaming a part of America to South America sounds like exactly something which would be done.

The satire is lazy: when you have your fictional American town/show etc. be "renamed" to an actual geographic place, it's much more like you're just supporting the idea in earnest rather then lampooning it.

Edit 2: to be an effective satire you have to first be a good example of the thing you're satirizing and this just isn't because it misses all the core points. The current situation is the absurdity of the US admin renaming things because it's ineffective at anything else but then treating it as a win. And this...does exactly the same thing, and treats it as a win with no actual interrogation of why its absurd.

The dig at Paramount conversely is much more on point...but everyone involved is a billionaire anyway so eh.

Fake edit 3: Like an example of a good satire on the current situation would be the mayor of South Park renaming the US to South Park and the show just running with the name for a season as far as it can go.