Oh no, it's just a joke in the TF2 community. The same update that added that hat also created a bug that caused Unusual-tier hats, which are very rare and very valuable to be dropped 100% of the time in certain crates. Thus, the price of those crates (normally 0.03 cents) skyrocketed to 5 dollars, and the price of the unusuals fell from over 100 dollars to less than 10.
The bug and the hat are completely unrelated, but the community likes to think that Ricardo himself used his powers to crash the economy to give poor players a chance to get the cool looking unusuals.