It’s the equivalent of these phrases below, just a different generation:
“Sticks and stones may break my bones but names will never hurt me”
“I’m the rubber and you’re the glue, whatever you say goes back to you”
and whatever kids nowadays are saying.
Of course, we all know these phrases are hogwash. Name calling hurts. But snappy comebacks are good to keep on tap (as long as they’re not cheesy dreck).