Literally, -zaada is a suffix used for someone born of/from/as a result of, like Shahzaada would mean a son of Shah and Har*mzaada would mean a bas**rd, someone who is born as a result of Ha**m, considered so as it's out of Wedlock.
Earlier they named a movie like that, calling it Ishaqzaade, which would though literally mean 'born out of love', was about mad lovers, people who went to the extremities for love. This time PNC comes up with a movie called Mastizaade, which though should literally mean 'Born out of Fun', hardly makes any sense. Seems again that they mean it to be like a swear-word for people who have extreme fun, i.e. Masti.