what does wget -qO- 127.0.0.1 mean?

Your search-foo is incomplete. Try man wget, which says, in part:

   -O file
   --output-document=file
       The documents will not be written to the appropriate files, but all will be concatenated together and written to file.  If - is used as
       file, documents will be printed to standard output, disabling link conversion.  (Use ./- to print to a file literally named -.)

       Use of -O is not intended to mean simply "use the name file instead of the one in the URL;" rather, it is analogous to shell
       redirection: wget -O file http://foo is intended to work like wget -O - http://foo > file; file will be truncated immediately, and all
       downloaded content will be written there.

       For this reason, -N (for timestamp-checking) is not supported in combination with -O: since file is always newly created, it will
       always have a very new timestamp. A warning will be issued if this combination is used.

       Similarly, using -r or -p with -O may not work as you expect: Wget won't just download the first file to file and then download the
       rest to their normal names: all downloaded content will be placed in file. This was disabled in version 1.11, but has been reinstated
       (with a warning) in 1.11.2, as there are some cases where this behavior can actually have some use.

       Note that a combination with -k is only permitted when downloading a single document, as in that case it will just convert all relative
       URIs to external ones; -k makes no sense for multiple URIs when they're all being downloaded to a single file; -k can be used only when
       the output is a regular file.

and

   -q
   --quiet
       Turn off Wget's output.

For this kind of questions, if you have a browser nearby you might find it handy to use explainshell.com (as man pages can be quite long to go through to find the parameters you interested in):