This song is about kitschy bands that reference the mid-1980's in their lyrics, sound, or appearance. It is not about anything going on with the band members at that time in their lives since they were all ten or younger.
The writing of this song is credited to the entire band. For main songwriter (also lead singer and drummer) Nick Stumpf, this is not his preferred style of writing songs. He says that more people means a slower process and sometimes a less pure product. (thanks to Nick Stumpf for giving us these Songfacts in an interview)