When you want to say someone is a faggot, bitch or a pussy without having to offend any social justice warriors. Can be used to describe friends when they do some gay shit.
You slept over and didn't fuck her?! You're a Fagotto.
You've been at that Ralph's parking lot all night, that's some Fagotto shit.
A bassoon, in Italian, with variants in several other languages including German (Fagott) and Armenian (fakod in Western Armenian and fagot in Eastern Armenian). The name comes from the word "faggot", meaning a bundle of wooden sticks, which the instrument resembles. Has nothing to do with being gay.