When a situation is surprising, unexpected, or otherwiseout of control, often in a negative way and it needs more than just a singular "yikes" to describe it but rather a whole island of yikes'.
Yikers is a loose reference to notorious prison Rikers Island.
Person 1: We're down 3-0 in this game of Paladins
Person 2: Yikes...
Person 3: Yikers Island bro