Piquetúa' is a fantastic example of Puerto Rican slang that you won't find in a standard dictionary. It's an adjective used to describe someone, usually a woman, who has a lot of piquete—a unique sense of style, confidence, and swag.
In the song, Bad Bunny sings "La baby es piquetúa', por eso roncamo'" (The baby is stylish, that's why we boast). He's admiring her confident flair and saying that her amazing style is something worth showing off.
Bad Bunny is completely obsessed with someone in this song, and he's not shy about it. He opens by saying he'll drive at top speed for this person: "Por ti me monto en el carro y meto ciento veinte" (For you, I get in the car and go 120). She's a psychic snake who has gotten into his head, and he's ready to do whatever she wants. The song mixes this intense desire with his signature confidence and some hilarious, specific lines. He tells her, "No te quite' la ropa sin ponerme los lentes" (Don't take off your clothes without me putting on my glasses), because he wants to see her perfectly.
This isn't a love song, though. It's about a powerful physical connection and a lifestyle of pure confidence. He compares himself to a luxury car, "Bad Bunny en una pista es un Bugatti en un carril" (Bad Bunny on a track is a Bugatti in a lane), and brags about his houses in Puerto Rico and Beverly Hills. The whole vibe is about winning and showing off, but only with this specific person. He makes it clear they have a special, private understanding: "a to' el mundo le pichamo' / Porque nadie sabe lo que tenemos" (we ignore everyone / Because nobody knows what we have). It's a secret world of luxury, speed, and intense attraction.