I thought the song was pretty obvious. Henley is ripping 70s California Americana.

Steely Dan was also writing songs with the same theme, circa the 70s. Check out _Royal Scam_.

Henley tips his hat to Becker/Fagan in _Hotel California_ in the verse:

"Stick it with your STEEELY knife, but you just can't kill the beast"

BD

We got the bubble-headed bleach blonde
Comes on at five
She can tell you 'bout the plane crash
With a gleam in her eye