Yeah it's not about the Internet and virtual reality or fax machines etc, it was about overpopulation and ecological collapse among other things.
The song was inspired by a trip to an underground city in Sendai, Japan if you read Wikipedia. In the late 90s Japan was a gadget obsessed place with neon signs and screens packed into places like Sendai. Japan had industrialised rapidly over the 20th century and gave the impression of a thriving technology and manufacturing industry.
It was seen as a futuristic place by people from the rest of the world when they visited. Of course in reality Japan was in the first of its "lost decades" of stagnation that's run from the early 90s to now.