Bendito literally translates to "blessed". However, in the song, it's used in the very common Puerto Rican exclamation, "¡Ay, bendito!"
This phrase is a cornerstone of Puerto Rican slang, used to express anything from shock and pity to affection and endearment. In "Despacito", the line "Hasta que las olas griten 'Ay, bendito'" (Until the waves scream 'Ay, bendito') personifies the ocean, suggesting the experience is so intense that even nature has to cry out. It's a fantastic piece of local flavor that brings the island's culture right into the song.
This song is all about a slow-burn attraction that builds into something intense. Luis Fonsi spots someone and knows immediately, "Tengo que bailar contigo hoy" (I have to dance with you today). He feels the pull is mutual, describing it with the line "Tú, tú eres el imán y yo soy el metal" (You are the magnet and I am the metal). But even with this instant connection, the plan is to take it slow. The title itself, "Despacito," means "slowly," and he wants to enjoy every step of getting closer.
The song sets a very specific scene for this slow romance: "Vamos a hacerlo en una playa en Puerto Rico" (Let's do it on a beach in Puerto Rico). The goal is to build intimacy "pasito a pasito, suave suavecito" (step by step, soft and gentle) until the other person is so lost in the moment they "olvides tu apellido" (forget your last name). It's a direct and confident song about seduction, focusing on taking time to make a lasting impression.