Speaking at the Guardian Edinburgh international television festival, Iannucci accused the Tory government of trying to kill off the BBC, while urging people to defend the rights of the public broadcaster, affectionately known as the Beeb.
"If the BBC were a weapons system, half the cabinet would be on a plane to Saudi Arabia to tell them how brilliant it was," Iannucci said.
Mt Iannucci also questioned the economic strategy behind weakening the BBC, saying that American stakeholders were bemused by what he called a case of "bad capitalism."
"To them it looks like we're going mad," he said. "This is toxifying something that could otherwise make more money internationally. Simply put, it's bad capitalism."
BBC Under Pressure From 'Extremely Subjective Opinions'
The comments come at an interesting time for the BBC, with the broadcaster facing increased scrutiny about its future direction.
Culture secretary John Whittingdale recently denied allegations that the government was looking to dismantle the BBC, but said further budgets cuts could be made.
This decision to review the BBC's charter has drawn widespread criticism from free media advocates who say the Conservative government is threatening the independence of the broadcaster.
Amid international criticism of state-funded media organizations from around the world, Mr Iannucci said the "extremely subjective opinions" of ministers were putting the UK on a "dangerous path, a creeping imperial ambition that's doing international harm to our stock."
"The BBC is funded by and speaks to the country. The country is not the government. More people pay for the BBC and watch it than vote for any one political party. And politicians convinced that, because they are in government, their views and values are the majority opinion of the day, are slaves to an illusion."
Right-wing Press Adding to BBC Pressure
Iannucci also criticized the UK newspapers for their coverage of the BBC debate, while he alluded to various forces in the British conservative media that he believes may be influencing various ministers' course of action in regards to the BBC.
"Where does it come from, this spooky force bending the ear of chancellors and ministers and civil servants and asking them to cull the BBC?" he asked. "Let's for the sake of argument call this force M, for Mysterious."
Former Liberal-Democrats MP and coalition government minister Norman Baker agreed, telling the Independent in a recent interview that large media barons would welcome the investigation into the BBC's charter, and any subsequent attempts to curtail its scope.
"The appointment of [Conservative MP] John Whittingdale to be Culture Secretary is a very clear sign that the BBC is to be eviscerated when Charter renewal comes up shortly, to the delight of Rupert Murdoch and the rest of the right-wing media."