I thought the details of the song were so specific that it had to be based on a true news story, but I've never found confirmation of that theory anywhere. Regardless, it definitely seems to be satirizing how society reacts to a massive tragedy - especially with how the parents are depicted as being primarily concerned with getting a big lawsuit payout ("Oh police! / Call your lawyer first") and the local news showing graphic depictions of their deaths for ratings.
I thought the details of the song were so specific that it had to be based on a true news story, but I've never found confirmation of that theory anywhere. Regardless, it definitely seems to be satirizing how society reacts to a massive tragedy - especially with how the parents are depicted as being primarily concerned with getting a big lawsuit payout ("Oh police! / Call your lawyer first") and the local news showing graphic depictions of their deaths for ratings.