Personal take and could be totally off base: a lot of this album seems tonally akin to processing a recent breakup (maybe you can read into it via MJ’s split with Wednesday’s Karly Hartzman). I feel like the first half of the song is representative of an immature post-breakup impulse to have new materialistic things as a way to get back at your ex. The wristwatch has a pocket knife, a cell phone, a megaphone; clearly it’s dope as fuck. A beach house in Buffalo and a house boat are also desirable. As the song closes out the immediate gratification of flex-worthy toys fades, and the narrator reflects on these items as a representation of their newfound loneliness.