
As a few other interpretations have pointed out, I think it’s about an actual thing called a Freak Show — basically a ‘circus’ where biological oddities are displayed to make money.
Here, the lyrics ‘Welcome to our freak show, come meet my monsters’ suggests that here, a person considered as a ‘freak’ is created and marketed by the ‘ring master’. ( In the actual music video, Sub Urban is the possible ring master, meanwhile Rei Ami — the half-snake woman — is the marketed freak ).
The second verse suggests that this ‘freak’ has been created by the ring master himself, who at a point of time refuses to get close to his monster, but a sick sort of love forms between the two of them. ( Rei Ami’s lines prove that the freak actually enjoys her imprisonment, or the way people gawk at her, and the way the ring master ‘plays with her’ ). To the ring master, the freak is a thing of beauty — and this reassures her to embrace her flaws.
Sub Urban has himself commented on the song: “We live in a society”. This could point at how people in general are being exploited for reasons such as this. This might be a bit of a reach, but I think that it points a bit to Stockholm Syndrome as well.
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