I don't understand at all why it goes in this song. Even a translator could not help. It looks like random words or some slang. I am not native speaker in English.
Can someone explain to me what the content of this song is?
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It's a self-parody. Limp Bizkit used to be a young band, now Fred Durst is old enough to be the dad of today's young generation. Here are a few of the specific lines:
Check out your dad with the swag on the floor
Swag, short for swagger, it means cocky masculine confidence and style.
Momma gon' brag when I walk in the door
No dad without a mom, right?
Now everybody bounce with the franchise, come on
The "franchise" is Limp Bizkit, they used to be a scrappy, counterculture band, but now they're like a big old corporation. This is self-depreciating humor.
Can't live with 'em, can't live without 'em
Everyone hates Limp Biskit, but they're still one of the biggest bands from their era to still be making music.
New kid back on the block with a R.I.P
Fred is no longer "new", but he's also not dead. May also be a reference to New Kids on the Block, an 90s era white R&B boy band that received a lot of the same critical scorn as Limp Biskit.
Dad got the sag in the back with a drip
Refers to how dads wear our pants, hanging off the butt, with sweat running down the crack.
Come and get a sip
Do you want to drink it? Deliberately disgusting.
Flow so cold, need ice to deliver
"Flow" is a term for the rhythm of a rap song. "Cold" is even cooler than cool (see "Hey Ya" for citation). (Vanilla) "Ice" was another non-respected 90s white rapper.
Dad, don't stop (don't stop)
They're still making music, even though they are your dad's age.
Y'all been gone for a minute (yup)
It's been a while since their last album.
Even as a native speaker I'm struggling a little with this one (it uses some slang I'm not really familiar with), but overall the song's about being an ex-rockstar dad, the stereotype of a middle-aged/old man who "used to be cool" but has now settled down with a family. The general thrust of the song is that even though trends have changed, he's still cool ("drip", I think, is "fashionable clothing"). The lyrics are likely ironic: Limp Bizkit had a few years of popularity but were widely seen as a joke for the rest of their career; and "dad trying really hard to be cool" is itself a stereotype that people often joke about.