I had to Google that - never heard the phrase before. Maybe it's regional.
I'm sure people were exuberant about it in 1933, but the thought that drinking is so important in the US that this would be "celebrated" is a bit miss-leading. It sounds like a wacky promotion some bar might try to push.
I don't think it is about celebrating drinking, rather regaining more personal freedom. Anyway, if I knew the story of prohibition well, it caused damage to the society and helped to boost organized crime.