it doesnt mean that, it was somebody texting that meant to use the term of endearment "babe" and missed the b. Then it just caught on because people thought it was funny or cute and copied it. As paaaisleyyy put it "before anyone else caught me sleeping" makes absolutely no sense, however "babe caught me sleeping" makes perfect sense. Somebody just took the 3 letters and made it up to "mean" that way after the fact
I think it's just a way of describing someone who means more than anyone else. It's just another word for someone you love. The sentance 'bae caught me sleeping' still makes total sense.
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