Lyric discussion by Jim1972UK 

Cover art for Instant Hit lyrics by Slits, The

The song is about Johnny Rotten and Sid Vicious of the Sex Pistols ("So Tough" is about Keith Levene).

The song actually refers more to Sid, and the fact he was starting to, or had for a while, been taking Heroin. Also I think "He is a boy, He's very thin." probably describes Sid more then Johhny.

I think the line "I could hate you" refers to Rotten as he was Sid's friend so obviously didn't want to see his friend taking Heroin, but then hated him because he was ignoring everyone and continuing to take it and because of his addiction everyone but Sid could see what it was doing to him.