The story
In reference to American rapper and record producer Sean "Diddy" Combs, after several allegations of sexual misconduct (including rape) were made against him; probably modeled after no homo. Popularized in March 2024 after several properties tied to Combs were raided by the United States Department of Homeland Security as part of their ongoing investigation, but attested earlier.
Etymology from Wiktionary, CC BY-SA 4.0.