I know you're a big TLE fan so props for that comparison.
I'm a big =w= and I've always heard (and preferred) if he is singing "ass wipe" because to me, it is clearly about a male prostitute "these players come to get me 'cause they like my behind" and "men that don't bother with the taste of the teat". Love it.
I'm a big weezer fan but if I had to draw a "cut off line" between albums for them I'd have picked Raditude (but there was a definitely downward slide from Green onwards).
I'm kinda upset because he picked a weezer song when there are so many other terrible songs by so many bands whom are more deserving of ridicule. Then again, kudos to him because it is a ballsy, honest and personal choice, as I would expect from BF.