On the redundant use of "good times"

anecdote: after writing a midterm, my friend says to me "good times." seeing as how my friend and I have the same schedule, I could assume that he had to write 4 midterm essays prior to the midterm. i don't know about him, but i only had couple hrs of sleep each night, (which is a substantial decrease seeing as how i sleep at least 8 hrs a day) and i was stressed out when all was finished. i said to him "how did you do?" to which he replied, "i failed, but good times."

question: how does 4 midterm assignments, a bombed midterm and lack of sleep equate to good times?

bottom line: even if he was being sarcastic, you can't help but notice the redundant use of the phrase "good times" on campus. Just like "sketchy," or "whatever" (from long ago), it's getting old.