This sentence was an old dead meme used for no absolute reason, but due to the fact that your mom being gay is true since most females are attracted to males. This sentence was originally used to insult someone and has became a meme and so did the no u meme.
The kind of argument usually starts off like this.
Guy 1: hey guess what
Guy 2: what
Guy 1: ur mom gay
Guy 2: no u
Guy 1: uno reverse card
Guy 2: oh no
This argument is most commonly found in dumb games such as Roblox, or if your lucky enough, in a random argument started by middle schoolers.