Mmmm... no, I think we're looking at it the wrong way. It's not about a slogan, or a "thing you do" (though those are small parts of it) - and it's not really a religion (since individual dwarfs are still free to worship whatever deity they choose) - it's more a "way you live".
It is the anti-zen.
If there is a way to do something, you come up with the most hideously complicated, over-engineered way to do it... and when it fails catastrophically, you call it FUN. (This is, imho, a fundamental principle of life - the worst disasters always make for the best stories later on.)
For a hobby, you might create extremely recursive artwork.
Or you might collect rocks, and study geology. (Then start building a stone house, using blocks that you have personally cut from rocks that you yourself mined.)
Or you might dig deep holes in the back yard, then fill them with water. (Lots of holes, and lots of water. And when you explain your ultimate plan for said holes, people reply with stunned looks, then praise your planning and ingenuity.)
And every once in a while... who knows? You might get into a mood where you actually complete one of these projects... and then sell the result for 100X what you paid for the materials. But before it sells, it'll certainly give you happy thoughts every time you see it.
But the booze, the non-functional (but highly-decorated) musical instruments, the women-with-beards, the eating-of-carp (or being eaten by them, in Soviet Russia)... those are all just parts of what happens when like-minded folk gather together to swap their tales of Fun, and to plan new adventures.