A term that is said when something goes wrong or somethingundesirable happens. Typically is meant in a form of reassurance or a more modern version of it's fine.
POV: you just whiffed and cost your team the round. It is now match point. You turn your head and look at chat. It is now filled with “All good”, when it is in fact, not all good.
Lets say you are on vacation, and you left your friends to watch your home and you want to check on things you could say " Hey are things all good in the hood?"