The song was written about the public suicide of Pennsylvania state treasurer R. Budd Dwyer on January 22, 1987, in Harrisburg, Pennsylvania. Dwyer had been convicted of bribery charges in December 1986, and was expected to receive a lengthy sentence from U.S. District Court Judge Malcolm Muir. Professing his innocence and decrying the legal system, Dwyer shot and killed himself with a .357 Magnum revolver during a live televised press conference.

https://en.wikipedia.org/wiki/Hey_Man_Nice_Shot

Not that different from all the innocents the US gov has murdered. We literally just watched ICE gun down two citizens in Minnesota and per usual nothing will happen or change.