The story
Coined by Andrew Tate in March 2022 during a video with YouTuber Mike Thurston, and was popularized not long after. In the video, Tate flaunts his newest Bugatti Chiron to Thurston, and explains to him how he handles the people who say they dislike its color: he deridingly asks them, what color is your Bugatti? knowing that the vast majority of them are unlikely to own one.
Etymology from Wiktionary, CC BY-SA 4.0.