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Slang for being in serious trouble — the code, the deploy, or you personally is past saving.
Says a situation has gone irreversibly bad: prod is down, the branch has 200 conflicts, or the agent rewrote half the repo while you were at lunch. It's the builder's verbal smoke alarm — short, fatalistic, and usually accurate. Example: 'the migration ran against prod with no backup, we're cooked.' Contrast with a fixable bug; cooked implies the cheap recovery options are already gone.
Plainly
Think of Cooked as a shortcut word builders use while talking fast. Slang for being in serious trouble — the code, the deploy, or you personally is past saving.
In practice
Use it as shared vocabulary, but translate it into concrete code or product risk before deciding. In practice, define the owner, input, output, and failure mode before you rely on it.