Most of the time, it's a slang used by teenagers which means basically nothing, synonymous with yabai やばい, which also means basically nothing.
Manga: Kaguya-sama wa Kokurasetai ~Tensai-Tachi no Ren'ai Zunousen~ かぐや様は告らせたい~天才たちの恋愛頭脳戦~ (Chapter 82, かぐや様は断らない)
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