It is used for anything that had you thinking 'I made a severe and continuous lapse in my judgement.' People who hear this now interpret it in their own way, depending on the context. It is used as a substitute for phrases that would of been used instead often times.
Big Whoopsie- used to show recognition of a mistake or minor accident
'You were not meant to be born.' 'I'm ashamed of myself.' 'I hurt myself.' 'Iâm disappointed in myself.'