Engancho comes from the verb enganchar (to hook, to hang). While a common verb, Bad Bunny uses it as part of a brilliant and over-the-top boast.
He says "me engancho to' el polo norte" (I'll hang the whole North Pole on me), using 'the North Pole' as a metaphor for wearing an absurd amount of diamond jewelry, also known as 'ice'. This creative wordplay is a perfect example of the clever, modern slang you'll discover in his music.
This song is a massive celebration of getting paid and living large. The title itself tells you everything: "Hoy Cobré" means "I Got Paid Today," and Bad Bunny immediately follows it up with "y hoy mismo lo voy a explotar" [and I'm gonna blow it all today]. He's not saving or investing; he's walking into a Gucci store to smoke and buying things without even asking the price. It's all about the immediate joy of success and showing it off. He feels so on top of the world that he says everyone else just has to deal with it: "Estoy burlado, me tienen que soportar" [I'm on another level, you have to put up with me].
Throughout the song, he compares his success to legendary athletes like LeBron James in Miami and claims he's a legend himself, saying "ninguno ha subido como yo subí" [no one has risen like I have]. He dismisses his rivals, pointing out that he's at the Grammys and on the Billboard charts while they are nowhere to be seen. It's a super confident track about reaching the top, enjoying the view, and spending a lot of money while you're there.