Soooo…sorta like “jawn”."Squid", used as a replacement for any other word or syllable (where what's being replaced is contextually obvious, usually) just because. It started at work long ago, then usually meaning "coffee", and expanded from there.
As in "Let's eat at McSquid's tonight" or "I'm gonna gas up the squid" or "Here's your squid and some sugar for it", etc.