Based means you don't care what people think of you, as already pointed out. It originated with lil b.
The left doesn't like it because their opinions on literally everything are utterly uncontroversial to essentially every mainstream institution. People say being a traditional right wing conservative is the "new punk rock" because it is. Not saying I'm happy about it, but the left has completely lost the right to say they are raging against anything.
Hth.
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