It's not about cats per se, but homeless people.
There was a bigger version of this band (they were called Cats Crafty originally) years back) and this song was one of many showstoppers they had. The singer was described in the press as a "banshee cross between Kate Bush and Chrissie Amphlett" which was very apt. Wish there were clips of this band so you'd get her character on stage, her physicality, outfits etc.
She also played Magenta in a Rocky Horror production, she would have smashed it out of the park
Not sure if this has been mentioned, but I suppose it should be (though it's hard to say that an instrumental is about anything); it certainly made a splash in its time;