It's not a reach at all.
The song clearly only blasts stereotypes associated with rap songs/rappers, instead of attacking pop music in general.
I don't think she made the song purposely to attack black people, but the things mentioned are definitely associated with rap songs, and it's not racist for one to point that out.
oh yes. ball gowns and tigers with gold leashes. how dare she include such stereotypes. clearly only rappers have these things. ever. white people aren't capable of having them. only white people have diamonds too. it's not like they're widely used across all races or anything. planes, islands, and bloodstains are apparently all black people exclusive too. i am truly offended.