I believe this song to be a criticism of the beauty industry, not photography in general.
She falls into frame with a professional pout
But the Polaroids ignite on seeing their subject
And the aperture shuts—too much exposure.
Voyeur sucks into focus—floodlit, the glossy kiss-pit
But as emulsion drips down, down
The aperture shuts—too much exposure.
Come into this room, come into this gloom
See the red light rinsing another shutterslut wincing
The sagging half-wit sister, pretty, pretty picture
Of an ancient nipple shrinking—that Kodakwhore winking
‘Til the aperture shuts—too much exposure.
It seems to me as if the camera is closing in shame and disgust over the degrading images.
It also seems to me that Siouxsie was jealous of fashion models’ beauty when she wrote these lyrics.