"Rodeo" refers to Rodeo Drive, a very upscale community in Los Angeles. The song is about how poor people need to direct their anger toward the upper class instead of killing themselves by destroying each other and their neighborhoods.
The line, "We Hungry But Them Belly Full" refers to the title of a song by Bob Marley and the Wailers which laments the nutritional injustices of class society.
The line mentioning Fred Hampton is a reference to the Charismatic leader of the radical Black Panther Party. Hampton was killed in a controversial FBI raid on the Black Panther headquarters in Chicago.
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