According to the most recent "Iwata Asks" interviews (part one can be read here, while part two can be read here), that's what the developers responsible for Super Mario All-Stars--Super Mario Collection in Japan--first called their 16-bit Mario anthology.
It's really too bad they didn't stick with Super Mario Extravaganza! (Note: I took it upon myself to add an exclamation point to the end of the title.)
I mean, they could have promoted it with commercials showing Mario and his cohorts doing jazz hands while the athletic theme from Super Mario Bros. 3 played in the background. Can you imagine anything cooler than that? I sure can't.