They got them binocular, watchin' as you comin' up
This could mean two things.
Binoculars are the main symbol for stalkers. Stalkers who watch their prey from a short distance. Maybe in trees, a building across the street, a car across the street.
Watching you come up means, to notice an artist make it big in the rap industry. You could say you watched an artist come up when you have listened to all of their mixtapes and watch all of their interviews.
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