I've been trying to figure out why as well. This is from wikipedia, so take it for what it's worth. Also, from wikipedia, it said the song debuted at one of those shows but nothing else.
"The lyrics are said to be intended to poke fun at University President Colonel Prather. Prather had attended Washington College, now Washington and Lee University, whose president, Robert E. Lee, would frequently tell his students, "the eyes of the South are upon you." Prather was known for including in his speeches a similar admonition, "The eyes of Texas are upon you," meaning that the state of Texas was watching and expecting the students to go out and do great things."