I've understood it as obsessive optimization to the point that it's a mental health problem. Case in point, looksmaxxing.

Ever since it's breached the mainstream, I think you can just append it to anything to make things sound funnier. It has mostly lost its meaning.

"I'm breakfastmaxxing. I'm a cerealpilled bowlcel in my milk era. I'm a slicemoded breadchad." etc.