I've heard it in any number of old movies. Usually it was said by some young person. It must have been an instance of youth culture language. Imagine Jimmy Olsen saying it to Superman in the old TV series.
Hopefully, Superman would have dope-slapped Jimmy upside his head for insolence - he was talking to Superman after all. Kidding aside, since you've heard it in many movies, your assessment seems logical. Thank you.