The trend's popularity isn't in dispute, but many users want to know whether it has any meaning behind its value as a shocking phrase. According to Urban Dictionary, it really doesn't. 

 “A phrase that means nothing," the site says of the phrase. "It’s just a phrase that became trend before the end of freaking 2020.” 

Some have described its sound as vaguely Filipino, but the words don't correspond to any actual phrase in the language. 

Chupapi actually does have a rough translation, which is “unbelievable rapper or legendary rap God," but muyayo doesn't appear to have any solid meaning. It's possible that the phrase was just invented as a method for confusing people on TikTok, and the victims of the pranks in real life. Whatever the phrase may mean to the people who scream it, it definitely doesn't have a solidified meaning in English yet.