It's a fairly common english phrase that originated out of the gaming culture of the US in the mid 2000-2010s.
"He's so good (plays aggressively) he must be on crack" sort of became "he's cracked", etc. Now that the people who were killing CoD lobbies are writing code full time or running companies, its seeped out.
Actually I think "it's cooked" came from this as well.
Notably, if someone is "cooked", it's bad. If someone is "cooking", it's often (but not necessarily) positive, most commonly in the form "let him/her cook" or "he's/she's cooking".
I have heard this term and used it myself but wasn't aware of the etymology.
Funny enough, I've only ever heard 'crack team' used in a professional context.
If 'cooked' diffuses to corporate at the same rate then I'm very much looking forward to 'cooking the ops' during standup in 2035 :P