I don't know anything about musicology so I can't explain why I think this song has absolutely perfect composition. But to me it does. It isn't about the lyrics. They could put any lyrics in there that followed the rythm. But the composition sounds like literally a perfect pop composition to me.
I was wondering the whole time what the jerking mentioned by the OP referred to, besides jerking off Btw, here where I live we call jerking off beating or hitting the horse, which is our equivalent of your spanking the monkey