"I don't think so" is a line right out of "Going Back To Cali", and this song was supposedly about LL Cool J's misogyny following an interview Kim Gordon did with him for SPIN Magazine. Read it. It's really cringeworthy.
Clearly, Chuck D was OK coming along for the diss - although he seems to be friendly with LL Cool J.
There are a lot of other LL references in this song, which was Sonic Youth's major label debut. All in all, it's a short, digestible song that introduced the bombast of Sonic Youth to a wider audience, and it was their biggest success to date.