Used to apply to any person or item that, although being successful in a particular field, is not the best there is. Especially relevant when there is a clear dominating person/product etc. in their field.
In the same way that in breakfast cereals, you can eat other cereals, but there's always a voice in the back of your mind saying "it tastes good etm, but it's not Coco Pops."
I enjoyed the band, but they were not Coco Pops
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