The Upgrade says it to Fugitive when they face off as well, it's just not translated in the subtitles. It's the first word he speaks before he says "tell me where it is."
Personally I've always pronounced it "yowt-juh" (which is how it sounds in that scene too). I know Steve Perry came up with the name, but this feels like a bit of a "gif is supposed to be pronounced jiff" situation. There's a bit too much emphasis on "OOOOOT!" there for me.