Today I learned.
Well, from what I understood there are two meanings of that statement.
First, getting critisised for something you have/do, but the critic does not have/can do. Like lamenting on the color of your bugatti. So you ask them, what is the color of theirs.
This would have applicability on game devs retorting to a player, so what features does your game have? Oh right, you do not even have a game.
Second, badmouthing poor people.
If you are asked this out of the blue, it probably is an insult or shameless bragging. But if used correctly, it would be you who has gotten the retort in form of the question about your non-existent bugatti.
To answer the question, it is highly situational and not over or underrated. In its insult form it seems overused, so I would go for overrated. In its proper form I think it is a very good retort.
I shall assume that someone insults you with that remark and you seek a dead pan snarky retort. Hmm. Can I ask one of the new fancy AIs for help? They are good with words. Or wait, arctic blue. That would be cold, would it not? Damn. Now I need to look up, what a cold reply actually means, in addition to what bugatti colors have to do with anything. Ah. The internet tells me, it signifies disinterest. So what would be more cold than refusing to answer? That would be complete ignore and thus be coldest. Giving thought to a witty reply would prove you do have interest and making the answer non cold. But alas, you do not give thought to it, you ask on the net to prebuffer an answer. Hmm. Same color as your <insert weakness of opponent>. I do not know, ask my Chauffeur. Your mom did not give it back yet, ask her. I do not own a small penis haver car. What color my bugatti has? Both. It has both colors. (Confuse your enemy).
That was fun.