Was someone just trying to be funny by being ironic?
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Sesquipedalian means having many syllables, and you'll probably know what phobia means. Thus, "sesquipedaliophobia" is an irrational fear of words with many syllables. The prefixes "hippopoto-" and "monstro-", as you might guess, are not there to add anything in terms of meaning, in fact they are rather nonsensical. Their only purpose is to make the word longer, in a witty and cruel, sarcastic twist.
So I guess the answer to your question is yes, you can say that someone was trying to be funny.