Originating from a forum post on Bungie.net, where someone made a post about being "One shotted by a 295". One can assume autocorrect changed "One shotted" to "One Shot Ted". This has become a meme in the Destiny community.
"One Shot Ted started the game at Level 40, back when the cap was 20."
A transphobic and homophobic slur created by straight men who repress their lust for female passing people with biologically male genitals.
"Dude they're a trap.. they're not really a woman!"
"Fuck you, Jeremy."