Rice stands for Race Inspired Cosmetic Enhancements.
Race-inspired to look cool, but not actually functional. Picture putting one of those giant fake air intakes on the hood of your car.
Old enough to watch this cycle from racism, to community, to memes, to racism, and now back to community
Do you think "Race Inspired Cosmetic Enhancements" is the origin of "ricing" / "riced-out" or a backronym[1]?
Honest curiosity about language and language use.
In fairness and full disclosure: I have believed until now that the language comes from rice-burners and related, and I have never liked it. If I were still in communities that used it (unix desktop crowd), I might proactively steer newcomers towards your acronym as a kind of reclaiming.
[1]: https://en.wikipedia.org/wiki/Backronym