It's about misdirected attention and credit. It's about building off the work of those who came before and claiming it all as one's own. Everyone is admiring the wrong people, they're imitating them, this has been happening a lot this generation. When I was in elementary school, if a student followed all the rules, did what they were told, or got a perfect score on a test, they were rewarded with a red star, which would be placed beside their name on a list of all the students in the class.
Also, there's an interpretation of the lyrics I really like:
A red star stands for intelligentsia, the song depicts how children are born with curiosity, and how adults, schools ect take that away. And while expecting the children to find out what they like they can't, once the passion to do something they want is gone it can't be replaced by what is supposed to be taught. Thus a child goes in life trying to live up to the expectations that is set for it, pretending to be interested in what the current world needs, but in reality it's all a lie.