Enchulado is a popular Puerto Rican slang term that means to be completely smitten, infatuated, or head-over-heels for someone. It's a step beyond a simple crush, implying you're totally captivated and can't stop thinking about them.
In the song, Bad Bunny uses it to perfectly describe his obsession, singing "Enchulado, puede que se me pase" (Smitten, maybe it'll pass). Learning this word gives you a taste of the authentic, modern slang that makes Bad Bunny's music so unique.
This song is all about a very modern kind of heartbreak: being stuck in someone's "Close Friends" list on Instagram after a breakup. Bad Bunny is completely unable to move on because he keeps seeing his ex's private stories. He asks, "¿Pero cómo quieres que me vaya bien? / Si tú no me sacas de los close friends" (But how do you want me to do well? / If you don't take me out of your close friends). Every time he sees that little green circle, he says, "me vuelvo a ilusionar" (I get my hopes up again), even though he knows she's a "player profesional" (professional player) who might be keeping him there on purpose.
He's caught between remembering their intense physical connection, "¿Cómo diablos voy a olvidarte / Si ya te vi sin ropa?" (How the hell am I going to forget you / If I've already seen you without clothes?), and missing the small, everyday things. He wonders if she's now telling her jokes to someone new and points out that he doesn't have any new stickers because "ya tú no me los envías" (you don't send them to me anymore). The song ends on a sad note, thinking about the future they could have had and the parts of himself she'll never get to see.