When something is referred to as "on X" where X is a chemical substance, it refers to the usual effects of X in people. Anabolic steroids can be used to enhance muscle mass and achieve an exaggeratedly muscular physique. Something that is "on steroids" follows the usual pattern of a person "on steroids", which is to become a bigger, exaggerated, enhanced version of the original. The construction is commonplace for different chemical substances - to describe something as "on acid" describes its surreal, "trippy" qualities, while describing it as "on speed" implies its energetic, frenetic nature.