The person implying they are forgetful and sometimes only thinking about food and sleep. Can also be another meaning for 'stupid' in a joking way.
Girl 1: Did you remember to do that thing I asked you to do?
Girl : *Long pause* ...I have racoon brain, sorry
OR
Guy: You know you could've just done a U-Turn?
Girl: ...Oh lol god damn it
Guy: Lol you have such a racoon brain.