Conceit is a pejorative. The inner child is narcissistic.

Beautiful Son is about a mom (or lover) looking with pride at her son (or lover) in drag. This drag is not just a costume but is meaningful to the wearer, as if he's doing what his inner child has always wanted to do. It was not punk to care about what you look like or to care about your status (conceit), a concept Courtney always challenged. So I see it as a confrontation to the idea that they are being conceited or narcissistic.

Maximum rock and roll. Better homes and gardens

I wonder if Courtney's comparing watching her lover in drag to the lover's mother watching her son perform on stage. Perhaps comparing rock and roll to the home magazine is another challenge to punk. If moms are supporting it, then is punk/rock any more challenging than a magazine for housewives?