Jerry Heller: What's NWA stand for, anyway?"No Whites Allowed", something like that?
Eazy-E: No... Ni**az Wit' Attitudes.
Jerry Heller: Let me tell you what I see here: a lot of raw talent. Swagger. Bravado. People are scared of you guys. They think you're dangerous, but the world needs to hear it.
Answer: The song is mostly about how Jerry and Eazy screwed the band over, with Jerry taking the lead. Ren is asking "Do we work for Jerry or does he work for us?"