I think a part of the humor in it comes from the irrelevance of the rap music to the situation in the scene combined with the fact that that aspect of the scene is highlighted in capital letters. It wouldn't be as effective if it was just [rap music].
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I know the history of it.
I just...
most memes, even the most flatly surreal, I "get" in some way.
This one just does not do that for me.