If I remember correctly the set up for this was that gary busey fucked around aimlessly at the art supply store and kept asking meatloaf to pick shit up for him - requests that only served to annoy meatloaf until this inevitable explosion. In later episodes they develop a man crush on each other and it gets real homoerotic real fast. Meatloaf even broke down in tears in front of donald trump when they separated.
From the point of view of Transactional Analysis, Meatloaf starts off in a Parent state towards Busey's Adult, which he seems content to keep up until someone finds his supposedly stolen art supplies, after which he enters a Child state. Meatloaf is Not Okay, Busey is Okay.