Could be a reference to an annoying or self absorbed person who could either be bragging far too much or putting others down in a manner that is unacceptable.
This could also be used as a cuss word for when you may be in trouble, angered at something that has happened at that immediate moment, or are in the process of being completely screwed. This is similar to the meme "FFFUUUU!"
James: Hey, I got an A+ on the test and you got a D. You fail! Haha!