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About You seems to be about envying a person with a ton of merits and good qualities who was once confident but has wasted their good qualities recently and perhaps lost confidence because they were once hurt when they bared themselves. She's frustrated they're not living up to their full potential when they have qualities she respects but wishes she still had. What that quality IS (romantic success, charm, a talent for reading comprehension, whatever) is probably deliberately not clarified so it's up to the listener to interpret.
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