As KungFuFurby points out in the SNESMusic thread (and I think I've observed it here in the past as well after seeing a video)... that's totally the sound engine from Super Pang! Quite a popular base for bootleg games; there are several others that use it as well.
Speaking of sound code stolen from Capcom games, the Bug's Life pirate, like almost every other bootleg platformer on SNES, has its music ripped entirely from Bonkers. At least they're...sort of keeping a Disney connection there...
Edit: And the second SPC rip flat-out confirms it. All those extra tracks are straight from Super Pang. Including the voice sample, which, quite literally, is saying "Super Pang". (Though the speaker's Japanese accent is so heavy that I can totally understand it being unintelligible, heh.)