Contempt, scorn, or the one who is despised. As a common noun it denotes that which is held in low regard. As a proper name, Buz was a son of Nahor (Abraham's brother), and 'the Buzite' is the tribal identity of Elihu in Job.
The word buz carries the idea of treating something as worthless, dismissing it with contempt. Proverbs repeatedly warns that wisdom begins with those who do not buz — who do not despise instruction (Proverbs 1:7). Contempt and wisdom are inversely related in Proverbs: the scoffer despises correction, while the wise man welcomes rebuke. God himself is scorned by the nations but will have the last word (Psalm 2).