Accurate. Very very accurate. Personally, I have a theory as to why a lot of the people who follow rap and want to become a "nigga", but it'll only apply to a few cases, and maybe almost half but not the majority of the community.
The part about being a female getting her heart broken I don't know about happenin' to any of my lady friends, but I understand what the dude is getting at.
And the part about Hiphop getting overcrowded is a very good argument, but it can be applied to other genre's of music too - most notably metal. The reasonings are different, but ultimately relate to the big picture, overpopulation.
Regardless, it does some up a good chunk of the society we live in today.