When young, horny, impoverished males want to score but refuse to spring the money for a condom. Instead, they strap an empty cheeto bag on their dick with a rubber band as a form of contraception.
Can also refer to taking a heedless risk that is easily preventable by expending minimal effort, such as moving a settler outside your cultural boarders in Civilization without a military escort.
"Baby aren't you gonna use a condom?"
"Nah, I got this cheeto bag here... Can you hand me that rubber band though?"
Alan: "Ok settlers done and I'm moving him over to that plains hill"
Carl: "Wait do you have a warior to escort it?"
Alan: "Nah... Ima cheeto bag this guy... Itll be fiiiiiinnnnnee."
Alan: "Damn it"