The term is derived from an alternate epithet of an early Californiasideshow performer Oofty Goofty. The used of the epithet is a barely recognized example of the racial insensitivity that was prevalent at the time.
The term did not spread very far from it's home state.(The expression, Like The Wild Man of Borneo was probably used mostly in California.)
Someone who is addicted to obtaining money and building wealth. A money addict and fanatic. Breadheads often work more than one full-time job, and some even participate in illicit activities to "obtain the bread".