This is an office-speak parody. "Touch base" is corporate jargon for "have a quick chat," so "touch base with reality" is a sarcastic way of telling someone to wake up and stop being delusional. If your kid says it, they are joking about a friend's wild plan or unrealistic expectations. Not concerning, just humorous internet-corporate hybrid slang. If your kid uses it constantly, ask them where they first heard it, not to police their speech but to understand which online community they are in.