1. To the poorer, more ghetto pimps, the word is to threaten or scare the prostitutes working under them. A common phrase found in the ghetto is "sendin' a bitch to the obitchuary".
2. To the more wealthy, high-class pimps, the term is mostly used as a geological term used to describe and figure out where the safest and most profitable areas are in town, and where the most dangerous & unprofitable places as well.
Both meanings carry a negative connotation
Prostitute: Sorry daddy
Poor pimp: That's right, bitch. Now go out and make me more money!
Rich pimp #1: Do you think we should send out some girls out into the Tower District after midnight to increase profits?
Rich pimp #2: Nah, brotha. The Tower District turns into an obitchuary after 1 A.M.