This sound comes from the long-running Mario game series by Nintendo and is widely recognised as a failure or life-lost cue. Across uploads, streams and short-form edits, people use it as a clean shorthand for defeat in the same way they use Mission Failed or GTA V - Wasted for other kinds of losses. Its staying power comes from how instantly readable it is: even viewers who do not know the exact game still understand that something just went wrong.