As someone who went to art school and studied art, I actually find this piece of art quite clever and interesting. I don't think it's a joke meant to shock but a genuine commentary on the art world and art market as well as a compelling piece on its own. (In the sense that a banana duct-taped to the wall is a compelling object because it's so tactile and present as itself.)
The price is of course completely ridiculous, but that is part of the point, as a commentary on how the art market plays out given the premise of specialness and exclusivity of individual works. The price was already ridiculous when it originally sold for about $100.000.