This sound comes from Shao Kahn, the main boss character associated with Mortal Kombat 3, the 1995 fighting game from Midway. His voice clips became memorable to arcade and console players because they reinforced his cruel, dominant persona. Online, the laugh stayed useful long after the game era because it is short, recognizable, and easy to drop into fail edits, retro gaming posts, and villain-style reaction memes. It still shows up whenever creators want an old-school fighting game feel.