Examples
I just want to amend the above discussion with two more examples where this notion of "cosupport" naturally appears. First, consider the a projective family of finite dimensional manifolds $X_k \to X_l$ with $k\ge l$, indexed by $\mathbb{N}$ (for example, $X_k = J^k(M,N)$ is the jet manifold of maps from $M$ to $N$). The categorical limit (taken in a sufficiently general category) an pro-finite dimensional manifold $X$ equipped with natural projections $X\to X_k$ (for instance $X=J^\infty(M,N)$). The smooth function $C^\infty(X)$ consist of those that correspond to pullbacks of elements of the $C(X_k)$'s along the natural projections. In coordinate language, a smooth function on $X$ depends smoothly on finitely many of its infinitely many coordinates. I think it would be natural to compress this statement as follows: $C^\infty(X)$ consists of smooth functions of finite cosupport.
On the other hand, consider finite dimensional manifolds $M$ and $N$. The mapping space $X=C^\infty(M,N)$ can be given the structure of a Fréchet manifold. If we consider the inclusions $M_i \subseteq M$ of all compact subsets with open interior, as well as the inclusions between $M_i \subseteq M_j$ when they exist, we can consider $M$ as the categorical colimit of the resulting inductive system in the manifold category. The mapping spaces, on the other hand, form a projective system $C^\infty(M_j,N) \to C^\infty(M_i,N)$ with pullbacks of the inclusions as morphisms. The categorical limit of this projective system is just the global mapping space $X = C^\infty(M,N) \to C^\infty(M_i,N) = X_i$ with corresponding natural projections. Now, there is an important subalgebra of the algebra of smooth functions on $X$, $C^\infty_{cc}(X) \subseteq C^\infty(X)$, consisting of the images of the pullback maps $C^\infty(X_i) \to C^\infty(X)$ induced by the natural projections $X \to X_k$. I think it would be natural to call $C^\infty_{cc}(X)$ the algebra of smooth functions of "compact cosupport". (Incidentally, this algebra has appeared recently in the literature on the rigorous construction of classical field theories in the mathematical physics literature.)

