The short answer to that is "Yes". A lot of very popular song lyrics are completely meaningless.
In this case, however, the word "see" has two different meanings.
First, "I don't see..." means "I don't understand.."
Second, "what anyone can see..." means "what anyone can appreciate/admire/love.."
So, the whole thing means, "I don't understand what any other person can find to admire in anyone other than you". Or, in other words, "You are the only truly admirable/loveable person in the world"