Botelleo is Spanish slang for an informal social gathering, often outdoors, where everyone brings their own bottle of alcohol to share and drink together rather than buying drinks at a bar.
In the song, the lyrics describe wanting "party, hookah y botelleo" ("partying, hookah, and drinking"), using botelleo to paint a laid back, communal party scene.
Maluma and Yandel are calling out a woman who treats men like a "trofeo," a trophy, collecting them and moving on. She's decided all men are useless, "Dice que los hombres somos todos unos pendejo'" ("She says all men are idiots"), and would rather spend her nights on party, hookah and drinks than commit to anyone. The real twist is who gets to be seen with who: she won't post a photo with her own guy, but "Y a Don Juan sí le da, sí le da, sí le da" ("But she gives it to Don Juan, she gives it, she gives it"), she'll show off for somebody else instead.
By the last verse the guy stops chasing her and gets petty about it. He plans to "Subir un video para que lo vea él" ("Upload a video for him to see"), proof that he's moved on, aimed straight at the man she picked over him, so that "Para que el hijueputa se sienta peor" ("So that the son of a bitch feels worse"). It plays less like a love song and more like a scorekeeping fight over who gets photographed with who.