Yeah, the settlers laugh
Settlers obviously first brings to mind the settlers of America which explains the use of wagons, buzzards, and epitaphs (on gravestones) in the next lines. They could also be the superiors to the “first generation fuck up” immigrants from earlier. An epitaph is like an obituary: a short text honoring a dead person.
But in context it also refers to the people who are already established in rap who dislike his style.
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