Slang; Burned out is a replacement for played out. People may use it to describe a noun that is no longer or never was cool, interesting, etc.
Guy: Look at my chest, it's huge, isn't it!?!?
Girl: Shut up. That chest is burned out, skinny ass.
Guy walks away disappointed
Guy: I'm going to this night club called Studio 9, wanna come?
Girl: Boy that place burned out years ago. You're so late.
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