I blue cheese cuz I hate ranch
Use of homophones and a metaphor. He means “blew” as in spent really fast and “cheese” as in money so he’s saying he spent money fast while at the same time sticking with the theme of popular salad dressings 2 of which are Ranch & Blue Cheese. He probably literally prefers blue cheese dressing over ranch.
To help improve the meaning of these lyrics, visit "Hear Me Out" by CyHi The Prynce Lyrics and leave a comment on the lyrics box