Synonymous with the word "swag" by strict definition. However, "sweg" is typically used when a person is trying to
differentiate themselves from those who have supposedly have "swag". It is also used as a humorous variant, as if saying (or "having") swag doesn't already make
you look like a joke.
Sweg is also used extensively by the YouTube character Spodermen. In that video series, the character (Spodermen) supposedly has sweg, and most other people don't (they are "fagits"
automatically) but are still fagits even if they do have "sweg" (because "only spodermen cen have sweg an nawt be an fagit")
Most people will correct your spelling if you use it, assuming you meant to type an A.