Research update! I am in the process of tracking the rise in popularity of “no bueno.” So far, my preliminary research has led me to discover that the use of the phrase picked up in 2007 and has been steadily rising since.
In August of 2009, someone turned to Yahoo answers to ask for the meaning of “no bueno.” Come October of the same year, it was added to onlineslangdictionary.com. The site cited an interview with Jason Mraz in SFGate in which he described eating “truck stop food” as “no bueno.”
In 2010 it was added to Urban Dictionary.
Two quotes show up in an imdb search. In the 2012 movie “Men in Black 3,” Agent J, played by Will Smith says
First of all, my name is J, okay? It’s not “son,” it’s not “slick,” and it damn sure ain’t “Cochise.” And I’m not gonna relax ’cause we’re running out of time, we’re running out of clues and there’s an invasion coming. You’re not really recognizing my “voicial” intensity. Oh, but there was one guy that could help. Hey, Griffin! Griffin! Where’s Griffin? Griffin. Where’s Griffin at, K? He’s gone. If Boris gets to him before we, that’s no bueno.
The second quote is from the show “Holliston” which no one’s ever heard of.
This is just the beginnings of what will be unnecessarily extensive research on the subject.