I also think that this song is about bullying. Some of the lines lead me to believe that it is about the bully, not the person who is being bullied. To me, "superman's dead" is the bully questioning him/herself. The bully was upholding a kind of bravado of emotional and physical strengh. His/her own personal idea of 'superman'. Then he/she realized that they weren't strong at all, instead they were the epitome of weak. Superman is dead, and they are empty.
I also think that this song is about bullying. Some of the lines lead me to believe that it is about the bully, not the person who is being bullied. To me, "superman's dead" is the bully questioning him/herself. The bully was upholding a kind of bravado of emotional and physical strengh. His/her own personal idea of 'superman'. Then he/she realized that they weren't strong at all, instead they were the epitome of weak. Superman is dead, and they are empty.