It's two things, kind of contrasted. As revealed in the end of 1, it's a reference to the sound of Mezz beating up an opponent, and violence/conflict more generally. But also yes, it's a reference to the nature of the narrative: it's a game about Mezz losing, over and over again, and suffering various cruel fates as a result. But I also don't want to just nail it down to those specific things. As seen in the end of 2, it kind of flexes and twists to mean different things as the story goes on.
Interesting, well could mean the fate of Mezz is about to about twist as well if you wanna go that way, at least not like anytime soon. I love how a character can grow as chapter move on, Mezz became stronger since he can replenish used energy after each fight and have more powerful abilities, but let his luck remain the same would just be perfect, no amount of skill can save you from ass pounding here. I am only more invested in the game and story and will continue to support it.