The part about "My cock is much bigger than yours/my shit stinks much better than yours" is talking about politicians being obsessed with trivial things to seem impressive. Think of Donald Trump talking about how his nuclear button is bigger than North Korea's or that his audiences are bigger than Obama's.

"Cool, in denial, with the cruel regulators smoking cigaro, cigaro, cigar" refers to a lot of the American public being ignorant on purpose.

"We're the regulators that de-regulate/We're the animators that de-animate" refers to leaders making things easier for corporations/rich people at the expense of poor people. For example, Donald Trump's tax cuts are far more beneficial to the rich than the poor.

"Can't you see that I/you/we love my cock?" is about presidential candidates dodging real issues and focusing on things like building a wall.

Conclusion: This song, released 12 years ago, is still relevant. THIS IS NOT A GOOD THING!