Arguably no term in Chilanguese (Chilango contemporary dialect) carries more sociological content than matado (mah-TAH-though). It literally means "killed". If someone is a matado or matada, that person "kills" his or herself working too hard. It is used as a mild insult, espcially in school context.
In the Chilango (and probably in the Mexican) psyche succeeding by means of hard work is equivalent to cheating. Minimum effort is the most honorable path to success.
Ese guey saca puros dieces pero es bien matado.
[That dude is a straight-A student, but works too hard to get those grades]
No seas matado y vente a chelear.
[Enough work already! Come with us to enjoy some beers]