Og means original gangsta. In a sense, it means that something is outdated, but it is still liked and popular. Sometimes Og means original. Either definition is used in similar contexts. This means that something was created a long time ago and may not be new, but many people still think it is cool. This tern is completely slang. This is a term that teenagers probably began saying.
This term originated from Ice-T whose album was named O.G. Original Gangster with a song being the title track. This album was created in 1991. So, this was created a long time ago, but it is still used today and considered to be a great thing. The album was released by Sire and Warner Bros. Records.