Etymology: Originally a portmanteau of "British" and "idiot" it has come to mean anyone who happens to be Simon Cowell, host of X Factor. Initially the concept was to create a word that could be used generically to denote any British person who migrated to the United States specifically for the purpose of denigrating people publicly on national television despite not having a shred of even their most pathetic talents, but ultimately the realization was that only Simon Cowell met these strict requirements and, basically, he deserves his own word.
Trivia: Piers Morgan was also originally on the "short-list" for this distinction, but was removed after showing subtle hints of self awareness and (even more subtle) humility on Donald Trump's "The Celebrity Apprentice." Morgan is nonetheless under casual observation. He seems like a nice guy, though.
TV Watcher #2: Yeah, it's all about his glorification. What a chode. He's a Britiot.
TV Watcher #1: Actually, he is the only Britiot on record. If Piers Morgan starts up again I'll let you know, but I read an article that said he was actually a really nice guy.