Anyone who has had a toddler knows what a source of absurdity they can be. They're just little drunk dudes who entirely lack any sort of social filter, which can create some really embarrassing scenarios.
This dank meme has been everywhere on the internet recently within certain meme subcultures.
The screen shot is from a scene in the anime Arakawa Under the Bridge and has the caption "Ah, I see you're a man of culture as well." which the character utters when discussing his hairstyle.
People started off using the meme as a reaction to certain preferences and tastes that one likes, but as per usual, the meme has devolved down a deep dark hole of dankness and has become the horribly deformed and edited version of itself that you see here.