In the days of feudalism, when noblemen gathered for a meal in the castle, those of higher rank sat at the head of a T-shaped table, and the rest sat in order of diminishing importance away from them.
For such occasions a yard-long loaf of bread was baked, and the honor of making the first cut belonged to the highest-ranking person at the head table.
That person would then pass the bread down in order of rank, but always keeping for himself the “upper crust.”