The term originates from the title of Season 1, Episode 4 of the TV show Defying Gravity. As explained in the show, it can be used to appear as though you're giving a technical explanation when in fact you don't know. If someone familiar with the term hears it, it can be considered a request to help explain without embarrassing the original speaker.
Worker: It seems to be an H2IK issue.
Co-worker: Didn't you say earlier that it was the hard drive getting full that you thought was causing the H2IK issue?
Worker: Yeah, I was just going to double-check on that before I do anything else. Should be fixed in a few minutes.