Much like the wilheim scream, it's a popular stock sound effect. It's in the intro of diddy kong racing, but it's in all kinds of movies like Mulan, Monsters inc 2, Taken, the simpsons movie, Xmen 2, Gladiator. hot fuzz, the bourne identity, five nights at freddys, wrath of the titan, resident evil the final chapter just to name a few.
actual stock sounds library it's just called giggling 2 children https://soundideas.sourceaudio.com/track/11473800
Diddy kong racing isn't it's origin, (it was used in Pocahontas 2 years prior to Diddy Kong racings release at a minimum), I think that's where it became the most obvious though, because if you played Diddy Kong Racing, you heard that sound effect every time you started up the game, which makes recognizing it everywhere else really common.