TBH, I kind of have a hard time believing it was merely just sleep deprivation that caused Wario Deluxe. I mean, yeah, all sorts of weird shit happens in WarioWare and what not, but considering wearing the pot gave Wario powers, red eyes and a deeper voice (and a fucking nice suit), which BTW he lost as soon as it flew off of him, I do like to think that pot does have some powers and that Wario Deluxe was caused by it to some degree.
Now what those possible powers were though, is another question and I do have a bit of a dumb theory for it.
Maybe the pot is similar to how the Chaos Emeralds work in Sonic in that, the pot has the power to transform a person into a more powerful form depending on their thoughts and feelings.
And, taking the above dumb theory/headcanon into account, maybe the pot fed off of Wario's more negative traits (such as his greed and ego) and his mood at the moment (being tired due to the aforementioned sleep deprivation and anger due to potentially losing his money to the winner) and ampified those traits to an extreme degree and made him a powerful being as a result...or something like that???
That or it's really just a fancy toilet and Wario Deluxe really was just caused by sleep deprivation and I'm just overthinking it a ton, I mean, weirder things have happened in this franchise.