The effect of the item is probably a reference to tea-bagging, a gesture of disrespect found in video gaming, particularly in first person shooters. Tea-bagging is done by crouching repeatedly on a dead opponent's corpse, the performer's genitals acting as some form of 'tea bag', usually performed after scoring the kill, as an additional insult to injury, hence why the item can only be used after scoring a kill.
The icon is probably also a reference to the male testes, due to the resemblance of the two tea-bag.