RealClearPolitics' Carl M. Cannon writes that today, Cinco de Mayo, isn't much celebrated in Mexico. It is primarily a Norteamericano holiday with roots in the American Civil War of the 1860s.
Apparently it arose out of Hispanic Californians' support for the Union cause, if Cannon is to be believed. Today it bids fair to become the Hispanic version of St. Patrick's Day, a day when everybody celebrates his or her inner Mejicano.
Ironically, St. Patrick's Day traditionally wasn't much celebrated in Ireland, being mostly a holiday of the Irish diaspora. Time was when Columbus' Day was a similar holiday for Italian Americans while not such a big a deal in Italy.