No, that's not the joke, though for a brief split second, some moments after I wrote the comment, it occurred to me that the interpretation might arise.
Italic type is derived from a form of semi-cursive writing, and is entrenched in the European printing tradition. No punning with Italy intended.
So what does it mean if you have <i> around Chinese, or Devangari or what have you? Do you just apply shear to make the text slanted?
I suspect that it bothered some "woke" types that HTML contains Euro-centric typographical directives, so they have been repurposed to have some sort of, culturally neutral semantics that is more inclusive of the planet's diversity (pardon me if I'm not nailing the terminology here).
In short, <i> no longer belongs to whitey and his writing system.