The mic drop in question can be a literal 'instance of deliberately dropping or tossing aside one's microphone at the end of a performance or speech one considers to have been particularly impressive', but it's more likely to be figurative – or an exclamation to emphasize a particularly impressive point: Nuff said. Mic drop.
If you want to describe something as excellent, you can use awesomesauce; on the other side of the coin, anything of a poor or disappointing standard is weak sauce. Weak sauce came first, and has a more comprehensible origin as a metaphor; an inadequate sauce would certainly let down an otherwise decent meal. Though awesomesauce clearly comes from the words awesome and sauce, the former is currently beating the latter in the Oxford English Corpus and Oxford Twitter Corpus.