There’s a rhythmic way that this expression of enjoyment (usually of food) that I’ve heard for a long time, and I do it too in imitation.
Mmm mm MMMM mm mm!
It sounds to me like it may be based on a tune, or perhaps a spoken phrase. Maybe from a jingle or radio ad? But it’s 'mmmm’ed instead of spoken or sung.
Oliver Hardy used to use that same cadence, but instead of satisfaction, it denoted exasperation, usually with Stan Laurel. I think it prabably became associated with food because of the similarity to the mmm-mmm yummy sound.
I googled “muttley treat float” and came up with this. Who knew?
And, BTW, neither this nor Campbell’s soup is the “mm mm MM mm mm” described in the OP – though I don’t know where it comes from and will be watching this thread with interest.