The term derives from the swahili dialect first originating on the eastern coast of Africa meaning, "Those who boast about having the biggest snake knows his own snake is tiny and insignificant like his skills in warzone".
I don't buy the schmegegge about Morty sleeping with Moira.
His version of the story was pure schmegegge.
The whole schmegegge was made up to get Liz a little bit of attention.