Personally its tends to annoy me. It feels like its pandering for indie cred. Like "I'm too cool to be on a label". Given the math in the lyrics is wrong (If they get a third of the merch they make on the road, and then the manager gets 20% and booking agent gets 10%, that leaves them with around 21% pretax. Well more than 7% (to split) after taxes (unless he somehow stumbled into a 70% tax bracket)), I'm sure he embellished other parts of the song as well. Meaning the whole point of the song is completely lost as its no longer an accurate portrayal. Just "Hey guyz do you dislike big companies????"
Just shut up and make good music. No one should care what label you're on.
Record this with a melody. Post it here. I like you.