Translation:
You are the potato;
Renowned today;
A slight foreign accent;
From the American empire;
You, oh oh oh you;
You are not an animal;
You don’t eat meat;
Niether bread nor eggs;
You get nutrients from only soil;
You oh oh oh you;
You the potato;
If I talk to you your voice responds to me strangely with a foreign accent:
MY NAME IS POTATO!
Well, I can’t answer WHY it exists, but I can tell you how I found it if you’re interested.
My wife is from Italy and the singer of this song, Rita Pavone, was\is a famous singer from the 60s through the 80s in Italy. I heard one of her songs in a movie, my ADHD kicked in, and I went on a several week long YouTube deep dive of her catalog of music. My name is potato is, of course, the pinnacle of her creative talent.
Fun fact, which makes the whole thing even more strange, apparently this song is not a single. It’s the intro theme song to Rita Pavone’s 1970s variety TV show. I’ve never found an episode online to watch though.