A playful way to teach Latvian children (or learners of the Latvian language) the Latvian alphabet. The song is constructed in a way that every consecutive word should begin with the consecutive letter of the alphabet. The funny, cheerful video possibly makes the learning easier. The video contains subtitles in English.
Slang words might arise to convey new nuances of meaning, or just to convey an old meaning in a direct, sharp, biting way.
That's what this songs does: creating a new word to describe a specific attitude, that of people who care very little about what other people might think of them.