I wouldn’t say this in general, even though it’s a common “slang” phrase- but I will give you some examples.
Woman: “did you go to that concert the other night?” Man: “Yeah I did, it was a banger!” Woman: “I went as well! You aren’t wrong, It was an amazing concert.”
I’ve also heard that people in the UK call sausages “bangers” as well, but I’m not completely sure. (Anyone from the UK please answer that for me😂)- But in the US, it’s more referred to as concerts with loud music, parties, or maybe even firecrackers🧨