[bitwize]

HFB had meme-like qualities even back then, to the point where it was referenced in a completely different skit (Unfrozen Caveman Lawyer).

I think it has to do with the increasingly dire warnings for what is marketed as a children's toy, culminating in the one about not taunting it with deliberately unstated, therefore presumably very grave, consequences for taunting it. The humor is in what is left unsaid, where your imagination takes over.