its part of an art project called the "Big Pig Gig" in Cincinnati. The reason its a pig is because Cincinnati has a nickname of "Porkopolis" and they have Pig marathons or something..there are many other statues, some of which have been sold on eBay for charity.
I might be wrong but i'm pretty sure this is part of an art project in the city of Bath (UK) where they decorate lots of pig statues and place them around the city... This one's just a nod to Gaga, it's not an insult! :)