So, a number of sources describe “chiba” as being specifically or originally a particularly strong kind of cannabis from Colombia, so Colombian slang looked like a reasonable place to look.
Here are two words, off by a vowel, both of which could easily be the source, the former meaning roughly “the good stuff,” and the latter meaning what we sometimes call “the shit,” both of which work in the context.
The first is chimba, meaning “anything good, great, excellent,” “a beautiful person,” then ironically, “something annoying,” and finally “the vulva.”
The second is chimbo, meaning “something of little value, false,” “a bad check,” or equally, “the penis.”
Interesting valorization of genitalia, no? (Apologies for the jargon. That’s the least smutty way Confucius can think to write that sentence.)
Anyway, it strikes the Volgi that “chiba-chiba” could easily have been “chimba-chimba” to begin with. Mexican chiva (“goat”), meaning “heroin,“ could also be the origin, by analogy with the other narcotic.