The title references a quote from boxing manager Joe Jacobs and the infamous 1930 boxing match for the vacant heavyweight championship between his client Jack Sharkey and eventual winner Max Schmeling.
The phrase was later co-opted by Brooklyn Dodgers fans referring to the team's 1951 loss in a one-game playoff to their rival NY Giants, and then later that decade when the team was moved to Los Angeles.
The episode title is a pun on the popular (at the time) African-American slang "We Waz Kangs n Shiet".