Lyric discussion by OyasumiBoi 

Cover art for Wasted lyrics by Rainbow Kitten Surprise

Where as you could see this as the person being sung about is drunk off of the singer. I think it's more so about the one being sung to is wasted on the singer. I thinks the last lyrics sum it up pretty well. "And your boyfriend stands to wait all for you, drink up you're wasted on me.

Tldr: Its about a potential S/O that they'd up dragging down, rather than grow with.

Song Meaning