I've seen this a few times over the last year and still haven't felt the urge to find out what "based God" and variations on it mean. So...WHAT DOES IT MEAN?!
The term “Based God” is a nickname for The Pack member Brandon McCartney, better known as “Lil’ B”. McCartney refers to himself as the “Based God” in several of his songs. The nickname may have come before from The Pack’s debut album, “Based Boys”. Based means being yourself. Not being scared of what people think about you. Not being afraid to do what you wanna do. Being positive
I guess it just evolved into a synonym for 'awesome' from there.