The character is made up for a dialectical word qiǔ.
Constructed as「⿱穷土」, the definition is dirt-poor (「穷」到吃「土」), and the prescribed reading qiou is a Fanqie-like combination of 「穷」(qiong, poor) and「丑」(chou, awkward, messed-up, ugly), because the bottom of the character resembles「丑」.
The reading「我」(I, me) is a further joke:
(Self-deprecatingly) What is dirt poor or both poor and ugly? ME!
The word qiǔ may be written using a real character「糗」(congealed, used to describe cooked grain food like rice porridge or wheat noodles that's been left out for too long). It is said that the modern uses of qiǔ is derived from the original meaning via semantic extension:
「糗」(rice or noodles that's been left out too long) > 「呆」(idle, dazed)
「糗」(congealed food that's no longer suitable to eat) > 「醜」(ugly, unpleasant)
See the baidu reference. However, this may be folk etymology.