Using the F word is just a means of emphasis. It's the equivalent of 'a genuine, real, proper, jolly good' fellow. It has nothing to do with the act of copulation.
The F word is one of the most versatile in the English language. It can be used to express joy, dismay, shock, disbelief, frustration and a host of other emotions.
It can be used as a verb, an adjective, a noun, an adverb and a modifier.
The F expletive is by now absurdly overused to the point where some people are unable to utter a sentence without it. Conversationally it points to the user being particularly incompetent when it comes to conversation.
getting back to the original question, I think it might also be used ironically when someone is praised to the skies for doing something not very heroic
Anthony Burgess used the f-word to demonstrate a sentence which had no traditionally meaningful nouns, adjectives, verbs or adverbs, but still made complete sense. The sergeant had a vehicle that had broken down, and when the officer asked what was the problem the sergeant replied, 'The ***in' f*cker's ***in' f*cked! Sah!"
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