I would like to differ. People dancing, pretty girls as eye candy is a universal trend that definitely didn't start out of the MTV generation. See for e.g. Bollywood movies.
Actually, my understanding is that the lyrics are a parody of the Gangnam district of Seoul, and how the rich people there try to act as if they're American, not Korean.
If anything, it's a parody/rejection of Western culture.
Jackie Chan had similar problems when he made the crossover to Hollywood (Source: his autobiography and Wikipedia entries). So, I won't be surprised if PSY was made to temper his views lately to avoid unnecessary controversy to his new paymasters.
I was really trying to find the links to this, but couldn't.
I think the appropriate word you're looking for (or rather, to be used instead) is "satire". And that completely changes how you view the whole thing.