Meaning of "You Could've Been A Lady" by Hot Chocolate

The lyrics of "You Could've Been A Lady" seem to be about a woman who has the potential to be respected and cherished as a lady, but instead chooses a lifestyle that involves fleeting connections and encounters with different men. The repetition of the lines "You could've been all right, you could've been here tonight, you could've been sweet as wine, you could've been a lady" suggests a sense of regret or disappointment in the choices she has made. The narrator seems to be cautioning her about the consequences of her actions, warning her that she might end up in a place where she doesn't want to be. Overall, the song conveys a tone of longing for what could have been if the woman had chosen a different path.