Down on the West Coast, they got their icons/Their silver starlets, their Queens of Saigons/And you’ve got the music/You’ve got the music in you, don’t you?
While the song could very well be about a lover, the prevailing thought is that it’s about her infatuation with the west coast. It could theoretically be both as the sweeping orchestral arrangements and tempo shifts create an abstraction that makes the lyrics mysterious and vague. A pure lover’s rock.