[slipstream-]

Interestingly enough, this is the same key combo used to show information on a crash in several N64 games, including Doubutsu no Mori (the original N64 version of Animal Crossing).

[StringyBob]

It's based on the Konami code [0] a version of which made it into a mouldy peaches song [1]

[0] - http://contra.wikia.com/wiki/Konami_Code

[1] - https://www.youtube.com/watch?v=ceV62E-c86g&t=92

[slipstream-]

I didn't even notice it was a derivation of the Konami code until you mentioned it.