This song appears to be about the 1970s and the styles of the time, such as big hair and Disco.
This was one of the very first Nirvana songs. The version found on Incesticide was recorded in early 1988.
Suggestion credit: Matt - Millbrae, CA, for above 2
The first time Nirvana ever performed (Dave Grohl was not a member of the band at this time), a girl who heard this song approached Kurt Cobain after their set and asked if he had made up the lyrics on the spot about her. This was the first time his lyrics had been interpreted differently from what they were meant, something that informed his musical direction moving forward.