Actually, it is a little more than that - Architectural Record has a fabulous article about the design of the Swan/Dolphin, which was done by an architect named Michael Graves.
He was practicing architect in NYC at the time I entered the School of Architecture in LI. He was one of the NY 5 or the five most influential architects working in NY at the time when the post-modern period was just starting. He spoke at our school and we were just mesmorized by him; he was such a wonderful speaker and was ahead of his time.
It is actually based more on the likenesses you see on old nautical maps, but was actually inspired by an Italian sculpter named Gian Bernini. However, Michael Eisner insisted on one change; the works by Bernini always showed the mouths curved down. Eisner felt that they were frowning and didn't take too kindly to that image in Disney. Michael Graves agreed to curve the mouths upward, so it appeared as though they were somewhat smiling.