Very contradictory depending on how its used.
Typically, if used in the past tense (e.g. "You're
cooked!" it means that you did something
bad that *will* have consequences. However, there is an edge case: "Bro, you
cooked on that!" typically means that you did a really good job. The meaning of the past tense version ("cooked") is very context-dependent.
On the other hand, the present tense ("You're cooking right now!") or some instances of the past test ("Bruh, he cooked on that shit") is meant as a heavy positive. It means you did your shit / "magic" / brought up something new that
people really appreciate.
past-ish tense: "bro, you
fucked up -- you're
cooked!"
current/future tense: "bro, this is
fire! you're cooking right now!!"