The ideal white elephant gift has one job: make people want to steal it.
That means it cannot be pure garbage. A useless gag gift gets one laugh and then quietly goes home with the person who drew last. The better move is something genuinely usable with an aggressively funny label.
A mug everyone understands immediately
The But Did You Die Funny Mug needs almost no explanation, which is exactly what you want in a room full of people opening gifts. The Boo You Whore Mug is another solid option for a group that appreciates a familiar insult delivered with affection.
A candle with stealing potential
The Alcohol and Bad Decisions Funny Candle works because the joke is obvious and the gift itself is still useful. The same goes for the Am I the Drama Funny Candle.
A travel gift for the chaotic flyer
The Baggage & Bullshit Funny Luggage Tag is inexpensive, practical, and weird enough to stand out in a gift pile.
Do not waste the wrapping
Put the gift in the Big Gift Energy Funny Gift Bag and now the packaging is part of the gift exchange. That is particularly useful if the actual present is modest and you want it to look more intentional.
The best white elephant strategy
Choose something broad enough that several people would use it, then make the humor specific enough that people react. Mugs, candles, luggage tags, and desk items work because they survive beyond the party. The joke gets the laugh. The usefulness is what gets the steal.