The phrase itself is an old fashioned British insult aimed at a commoner, combining a mild swear word with a word for a medieval farm worker. As a short audio clip it spread through soundboards, gaming chats and short form edits, where its brief length and clear shout made it easy to drop into almost any scene. The misspelled spelling 'peasent' also appears in uploads and searches for the clip. It remains popular because the delivery sounds genuinely offended while the target is absurdly harmless, so creators reuse it for mock class outrage and playful put downs.