What does "honey boo boo" actually mean? Is a rather a good thing when someone calls you that? Is he making fun of you?
Both honey and boo are terms of endearment and are, at least in the movies, sometimes coupled together as "Honey Boo!".
"Honey Boo Boo", on the other hand, appears to come from a reality TV show called "Here comes Honey Boo Boo" where one of the characters answers to that pet name. I expect that the connotations of that name depend entirely on the parties involved. Urbandictionary has a few ^friendly pointers^.
I would take being called Honey Boo Boo as a negative connotation. I just recently read somewhere (take these facts with a grain of salt) that TLC was at one time subsidized by the government but once the government funding stopped rolling in, the site turned into a mockery. TLC is now the home to reality shows and toddlers in beauty pageants.
I think the show Honey Boo Boo is a catchy name of one of the shows that really shows the quality of either all reality television as a whole, or that of TLC alone. A no-longer federally-funded network. Most likely in the news because presidential candidate, Romney wants to cut federal funding to PBS, which could, in the eyes of some, lead to more Honey Boo Boo shows. Who knows, ya gotta start somewhere.
UPDATE: This answers the question by saying, I believe Honey Boo Boo is something that you don't want to be called. This relates to my answer by the idea that you're like a crappy reality show in the sea of quality television. That's my interpretation, take it as you please.