The common translation of 'Panzermensch' as 'tank man' has always bothered me. It doesn't seem right, starting with the fact that 'Panzer' does not actually mean 'tank'.  What it actually means is 'armored', as in Panzerkampfwagen, 'armored battle vehicle', a tank, or Panzerschiffe, 'armored ship', a cruiser.  Even when used colloquially, "Guderian's Panzers", it doesn't actually mean 'tank' — it means 'armor', all armored vehicles:  tanks, armored cars, self-propelled artillery.

But 'armor man' or 'armored man' doesn't really work here either.  The closest English word to that is knight, but if And One meant kinght, they would probably have used the word Ritter.

So I asked a friend who has spent a lot of time in Germany and speaks fluent German as well as English whether he has any insights.  And upon reading the lyrics, he made an observation which in hindsight is so blindingly obvious I'm ashamed it never occurred to me.

"Computer, Maschine, Panzermensch."  They're talking about a CYBORG.

Read Panzermensch as cyborg, and suddenly the entire song makes ten times as much sense...

As an afterthought:  The same friend pointed out that 'Panzermensch' would be an excellent translation into German of Iron Man.  So you could equally well read this as Iron Man.