At the time of this short, "Walk/Don't Walk" traffic signals were being rolled out in the U.S. Pinky's dilemma sums up early public opinion of the mechanism.
The numerous methods Pinky uses to try crossing the street might have been borrowed from WB cast member Wile E. Coyote. Friz Freleng worked on both Pink Panther and WB cartoon shorts.
Airline travel was becoming more accessible to the general population, at the expense of the railroad industry. This is shown when a flying Pinky crashes into a billboard that advertises train trips. And Pinky also passes a travel agency window a few times, which advertised exotic foreign destinations.
Pinky breaks the fourth wall with a knowing sidelong glance, but no words.