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The term has satire in the spelling, therefore meant to be read in the gringo vernacular,

"bo-lee-o-ass-white-boy", this adds to the critique of him not only being like a bolillo, brown in the outside and white in the inside, but that his Spanish language skills are deficient.
That John Martinez is a "bolio ass white boy" he hates Mexicans yet is from Mexico and he can't even speak Spanish properly.

Marco Rubio is claiming to be Latino but has conservative views that oppress his people, he is a "bolio ass white boy".
by blazeonemeromero December 17, 2013