Modern slang often seems to be recycled slang with a new cadence that makes it feel more Gen Z. There is some truly unique stuff too, but it's kind of funny how just changing how you use a word in a sentence or with a specific inflection can make it feel fresher.
For me as a 39yo I feel like this one never really explaining. I'm pretty sure both cooked and cooking have been used in this way before. And I actually like it, I feel like they both express the thing pretty well.
And as more evidence, here's an issue of Boys Life magazine, from August 1938, that uses the phrase "he's cooked" to describe someone who is going to lose a sporting event. So it's at least 87 years old, maybe older.