(early 2010s - present, adj.) Used to describe a person who is so excited about something that they are acting more cheery and energetic than usual. Term originated to describe a person who had at first been in a dull, pensive mood, so when they received good news that transformed their mood and demeanor, the change was so stark they seemed like they were acting like a happy-go-lucky cartoon sidekick. Such a character might be named "Gubby" or some goofy shit like that, hence the name. Though "gubbish" is the original word, it has since devolved to "gubby" for phonetic simplicity.
Tone it down, man! Play it cool - I know you're excited, but if you let that show you might blow the whole thing. You're acting too gubby.
If you want to be good at poker, you have to know when to act a little bit gubbish.
Intensely excited to the point where it is noticeable and annoying to others at a cringe worthy level.