Malcriada translates to "spoiled" or "ill-behaved," often referring to someone who acts childish or disobedient because they've been given too much.
In the context of this song, it's used to describe a woman who is confident and perhaps a bit rebellious or provocative, especially after getting cosmetic surgery. It implies a playful defiance and a willingness to show off, making it an interesting word choice to describe a person's attitude and behavior.
"PANTI Y COLALE" is a Dominican dembow track built to be shouted back on a club floor, not read line by line. El Cherry Scom, La Greña and DJ Chulo NYC hang the whole song on one repeated hook, "Eso es panti y colale" [That's panties and thong], and let it carry the track more than any verse does.
The few actual verses stay just as blunt. One brags about a woman who, "Después que se operó, me lo estrujé en la cara" [after she got surgery, rubbed it in my face], another lists "Cueros, sabores, mayores, condones" [h*es, flavors, older ones, condoms], and the outro dissolves into ad-libs about sex. There's no story to follow here, just a party chant that stays blunt about exactly what it wants.