It's like the word bullshit. When you do not agree with a situation and your gonna call bullshit on the situation at hand.
What kind of fairy fuck dust is this?
Person 1: Asks person 2 to buy something from the store which is a specific item.
Person 2: I got you that thing that you needed while I was shopping.
Person. 1: This is not what I asked for! What kinda fairy fuck dust is this?