What it means
Calling something elite is straight-up top-tier praise. It means it's seriously good, a cut above, the kind of thing that doesn't need a whole speech after it. A meal can be elite, a tune can be elite, even someone's taste can be elite. You say it and that's the verdict done.
Usage examples
"Pineapple on pizza is elite, fight me."
"Her taste in films is genuinely elite."
"That little chicken shop by the station is elite, I'm not hearing any slander."
"He's made an elite playlist for the drive, no skips at all."
Where it comes from
Elite comes from French élite, meaning the select or chosen group. In English it first referred to people at the top of society or a field, then loosened up in everyday slang into a quick rating word for anything that feels best-in-class, proper standout, no extra dressing needed.