I'd opt for the latter, but I think it's like Wario's use of German in that it's such a minor aspect of the character (so far) that being pedantic doesn't really accomplish anything.
"Mamma mia" is an italian expression which denotes various kind of emotions: surprise, fear, rejection, joy...It literally means "My mother".It is a catchphr...
youtu.be
And that I hear Mario himself saying "mamma" in one of the SM64's voice clips.