The song 'What Does It Matter' by America explores themes of introspection and existential questioning. The lyrics reflect a sense of searching for meaning in life's experiences and relationships. Through evocative imagery and a melancholic tone, the song delves into the uncertainties and ephemeral nature of life. Key poignant moments in the song include reflections on past decisions and their impacts, as well as rhetorical questions that challenge the listener to contemplate their own life's purpose. The overall message suggests a journey towards self-understanding and acceptance of life's inherent ambiguities.