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Simp is a person who puts himself in a submissive position under another person in hopes of winning him over, without the other person bringing anything to the table, a person that puts too much value on another person because of his beauty or for no reason at all. Simps pride themselves with "chivalry" in hopes of getting sexual gratification.
The word "simp" (which is an abbreviation of simpleton) has been around since the 20th century and was used in Hip-Hop culture for years. The meaning has been altered since the song "Sipping' On Some Syrup" by Three Six Mafia came out in the year 2000. Its opening line being "I’m trill working the wheel, a pimp, not a simp. Keep the dope friends higher than the Goodyear Blimp." A simp is the opposite of a pimp.
More recently, rapper Megan Thee Stallion uses simp in the same way in her hit song Cash Shit; "Bitch, I do pimp shit, huh. Ho, you on simp shit, ayy." According to Know Your Meme, the earliest known definition was added to Urban Dictionary on January 20th, 2005:
"A guy who tags along with hot girls because he thinks it will get him laid."