So, this expression has been around since the 1950’s and it goes in and out of use. It’s getting a little more use lately, but is still uncommon usage. The phrase refers to a high expectation for something that is, in reality, a great disappointment. Think of expecting a juicy hamburger, biting in, and finding out that there was no meat.
Example: The party was supposed to be the event of the year, but it was a nothing-burger.
Personally, as a native speaker, I would not use it as there are better and more common terms. It’s just not that common.