And what's good, gangstas? And what's good, people?
Chance is playing on the phrase “What’s good?”, a form of greeting, to not only call out to his listeners, but also to surmise what constitutes goodness in humans of all walks of life. Also he’s referencing Chicago where a lot of gangs can be classified as one of two groups or “nations”, “folks” (gangstas) and the “people” nation.
Also, Its a conscious statement implying that there are people, humans going about their lives in a genuine way, and there are “gangsters”, destructive “non-people”.
The same way he greeted Good then greeted its opposite Evil, he greets Gangstas with its opposite, Humans/People.
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