It’s intended to make fun of generational slang, people questioning what it means is the entire purpose of the word. It means nothing, that’s the whole point.

Idk I am O L D

I made another longer comment going into more detail, but skibidi didnt replace anything, and it doesn't really mean anything.

It actually is a gibberish nonsense word that is only added to a phrase for emphasis, or just used singly sort of like 'fuck!' or 'shit!', though what exactly is being emphasized is unclear and undefined.

Balloons.

I was told that skibidi is kind of like smurf (from the old catroon). Just replaces random words. Or even stand on its own to just say something. No specific meaning.

I try to keep up with the slang the best my old mind can. Some of them though I'm giving a pass for being rude or inappropriate. Like the recently common "sybau" (shut your bitch ass up).