baggy

Etymology 1

bag + -y

adj

1. Of clothing, very loose-fitting, so as to hang away from the body.
2. (music) Of or relating to a British music genre of the 1980s and 1990s, influenced by Madchester and psychedelia and associated with baggy clothing.
   Pop historian Jon Savage listens to the best of the Stone Roses and their contemporaries – from Baby Ford to the Sabres of Paradise – and creates the perfect set of baggy playlists 2011-10-18, Jon Savage, “Stone Roses reunion: three baggy playlists”, in The Guardian
   The Birmingham band – now a five-piece after multi-instrumentalist James Balmont joined them – have ditched the loose and baggy guitar pop of 2013’s Where the Heaven Are We? in favour of psych-pop that contorts itself into pulsing Balearic acid house and motorik rhythms. 2015-10-01, Tshepo Mokoena, “Swim Deep: Mothers review – baggy indie kids embrace psych-pop”, in The Guardian
3. (figurative) Of writing, etc.: overwrought; flabby; having too much padding.
   a baggy book

noun

1. (UK) A member of the 1980/90s British music and fashion movement.
   I said dad you're a shabby / You run around and groove like a baggy / You're only here just out of habit 1990, “Kinky Afro”, in Pills 'n' Thrills and Bellyaches, performed by Happy Mondays

Etymology 2

Presumably back-formation from baggies (the plural), presumably a genericization of the brand name Baggies.

noun

1. A small plastic bag, as for sandwiches.
   2008 March 6, Kristen Hinmen, "News Real: Seeing Red", Riverfront Times volume 32 number 10, page 10, In an accompanying affidavit, Apazeller reported that Onstott "has entered the kitchen with a handful of cocaine and asked for a plastic baggy."
2. Such a bag filled with marijuana.