The meme originates from two different sources: a TV show called Man vs Wild and an unofficial motto from the United States Marine Corp. Bear Grylls, host of Man vs Wild, is the man pictured in the meme. The meme ironically uses the Marines’ motto to point out situations that don’t require such seriousness.
Most directly, the phrase is supposed to be read as, “There’s no place like home.”
This is a reference to IP naming conventions and the localhost (also known as the home network), which is typically given the default address of 127.0.0.1.
It’s basically a pun that plays into this basic bit of networking knowledge.