The 2017 Academy Awards Best Picture Gaffe refers to the infamous moment when 'La La Land' was mistakenly announced as the winner instead of 'Moonlight'. The confusion began when presenters Warren Beatty and Faye Dunaway were handed the wrong envelope, leading to the 'La La Land' cast giving acceptance speeches before producer Jordan Horowitz famously held up the correct 'Moonlight' card to the cameras. This image quickly became a viral sensation, serving as the ultimate template for 'bait-and-switch' scenarios or 'expectation vs. reality' jokes. It captures the peak of public embarrassment and sudden realization, making it a staple for internet commentary on sports upsets, corporate blunders, and personal letdowns.