It's a schoolyard-grade pun on the popular brand "Olay", who make skincare products.
Oddly enough that is one of the more accurate elements of the games whole 90s throwback asthetic. Early 90s media went to the "a thing being called gay=humour" well SO much. It's like 90% of the chandler/joey stuff on freinds. Hell frasier went to that joke more than once. Ion Fury hey might have been able to get away with it on that angle had the devs not gone full neo-nazi on discord.