This meme, usually expressed as a still from 'The Simpsons' with Bart Simpson holding an "At Least You Tried" cake, is a more sophisticated variant of "FAIL." It's used when, instead of utterly falling on his face, the subject has done something in the neighborhood of what he was attempting—but simply sucked at it. Generally posted as a response to a person who has said something dumb or misguided.

Turkish TV broadcasters thought GTA IV cheats were secret military codes
'Grand Theft Auto' players are more dangerous than anyone thought.
The 8 whitest interpretations of rap lyrics
Put down the blunt, man.
We apologize for the data breach
It should never have happened.
14 packages delivered by people with better s**t to do
It's a thankless job—and it shows.
Soccer goalie throws ball directly into his own net
Surely his teammates weren't pleased.
Bears can open car doors and we’re all probably f**ked
In fairness, he called shotgun.
My mom has been accidentally subtweeting me for years
She's a master of the secret, shady message.