"Mizzou" is ubiquitously used to refer to the university's athletic teams and the name can also be used to refer generally to the entire city of Columbia.
The origin of the nickname is unknown, but the first recorded usage of the word occurred in an alumni publication in 1906. As the university was formerly known as Missouri State University, it is possible that "Mizzou" came from a pronunciation of "MSU."
"Mizzou obviously pours a lot of their budget into athletics."
"The parties I've been to at Mizzou have all been really crazy."
person2: seriously, have you guys ever won anything?
These same fans think beating any ranked team is success. The fans have realized that their team is no where near ranked #1 in the NCAA Basketball Polls, even in the top 10, or just ranked.