This very obnoxious term is used to describe a g-mod (Garry's mod) creation which is skibidi toilet, while also combining a lot of brain rot terms which children usually find amusing, and fun to watch.
Someone who is addicted to obtaining money and building wealth. A money addict and fanatic. Breadheads often work more than one full-time job, and some even participate in illicit activities to "obtain the bread".
I don't buy the schmegegge about Morty sleeping with Moira.
His version of the story was pure schmegegge.
The whole schmegegge was made up to get Liz a little bit of attention.