A euphemism for porn.
Related to the term "pornstache" in that pornos are sterotyped as having a lot of mustachioed men
Fred: Have you ever seen midnight cowboy?
Hank: No, I haven't. What is that, one of your mustache movies?
Fred: No, dude! It won the academy award for best picture in 1969!
Hank: Oh great! Now their awarding best picture to pornos!?