Same as the Yeti, Bigfoot, Chewbacca, Sasquatch and many different names the creature is called.
This particular name is a reference from the movie "Trailer Park Boys" the nickname was commonly used by Bubbles.
(Bubbles is one of the characters in the movie)
"Holy f*** Ricky, it's a mother f***in' Samsqwanch!"
"There's a mother f***in' Samsqwanch at my door, what do I do?"
1) The mispronounciation of the word "Sasquatch". 2) A stupid looking, big eyebrowed penguin in Québec's Biodome I named Samsquanch.
Guy 1: OMFG! The samsquanch is gonna get you!!
Guy 2: OMFG! ..What's a samsquanch?
Guy 1: OMFG! You don't know what a samsquanch is?
Guy 1: OMFG! Go home and search Samsquanch on www.UrbanDictionary.com, then come back here so he can eat you.
Guy 2: OMFG! ..Okay.