According to Kurt Cobain, this song is a throwaway song - just a bunch of random poetry lines thrown together.
The title is a reference to the Nirvana song "Smells Like Teen Spirit," and it's slick, radio-friendly sound. The original title for the song, "Four Month Media Blackout," is a reference to late 1991 and 1992, when "Teen Spirit" was on the charts.
Suggestion credit: Steve - Whippany, NJ, for above 2
Nirvana used this to open many of their 1993 and 1994 shows.