Love this. George Villiers wasn't just killed for being the King's gay lover, he was also an out and out bastard who wielded too much power. I think the court were prepared to overlook the whole sexy sexy with the King, but Bucky didn't last in the court of Charles I who was far less popular than his dad.
In the spirit of kicking the Hanoverian fat boys - here's a fellow article about another nursery rhyme from the same sort of time. Spoiler, it's Georgie Porgie's brother. https://medium.com/lucid-nightmare/who-the-hell-was-the-grand-old-duke-of-york-32422374a59e