Despechao' is a colloquial and shortened form of "despechado," which means heartbroken, scorned, or full of resentment due to unrequited love or betrayal. It's a word rich with emotion and often used in Latin music to describe intense feelings of heartbreak.
In the song, the artist sings, "En el Porsche, por ahí despechao'" (In the Porsche, driving around heartbroken). This vividly paints a picture of someone trying to cope with their pain, perhaps by driving around aimlessly, highlighting the depth of their emotional turmoil.
Alvaro Diaz's "MALASNOTICIAS" featuring Latin Mafia is all about that feeling when you just can't get someone out of your head, even when everyone around you is saying they've moved on. He's constantly thinking about this person, wishing it were the other way around: "Yo no te saco de mi cabeza / Ojalá y fuera viceversa" [I can't get you out of my head / I wish it were vice versa].
He's definitely in his feelings, taking shots in their name and admitting his heart is "sold out" because of them. Even though he knows they're with someone else, he still believes he matters to them: "Estás con él, pero yo te importo aún" [You're with him, but I still matter to you]. He's even leaving the door unlocked, just in case they want to come back: "Cerré la puerta y no puse candao' / Si quieres volver, no puse candao'" [I closed the door and didn't put a lock on it / If you want to come back, I didn't put a lock on it]. It's a whole mood of longing and hoping, even when it feels like bad news.