Meaning:

“标” is short for “标准的” (biāozhǔn de; meaning “standard”), and “配” is short for “配置” (pèizhì; meaning “equipment”). This term literally refers to “basic, standard or entry-level products,” such as vehicles or smartphones. Chinese netizens also use the term creatively to mean that two things are a perfect match, which can bring extraordinary pleasure when consumed together.

Example:

A: 今天的午餐你点了什么外卖？

Jīntiān de wǔcān nǐ diǎn le shénme wàimài？

What takeout food did you order for lunch today?

B: 沙拉、小餐包，还有鸡翅和甜辣酱的标配。

Shālā、xiǎocānbāo，háiyǒu jīchì hé tiánlàjiàng de biāopèi。

I ordered salad, a small bun, and the perfect match of fried chicken wings with a sweet chilli sauce.