Isn't it obvious? She's shading Lorde. She talks about Lorde's curls and in the chorus she says "This is my show" (Lorde shades a lot of artists and she thinks she's so cool with her dancing/music but she's not). It's about Lorde's arrogance... Jesus Christ she even imitated Lorde's singing at one point in the song (mimicking her weak/whispered low notes).