Well, I've always taken the lyrics to be Dylan condemning the commercialization of art. Though, I suppose they would be just as applicable to general commercialization and decadence.
In the BSGverse the song was 'originally' written by Anders, right? If he was involved with the others in the recreation of resurrection tech. then was he a scientist? The song could be equally applicable to the misuse (or overuse) of technological advancements.
Perhaps the song was inspired by a society that would go so far as to create a new form of life only to mass-produce and market it with no regard for the soul of the creation... and the inevitable confrontation that would result.
Am I reaching?
Doesn't seem like too much of a reach, although personally I doubt that Anders was the first one to come up with the song - we really don't know how many times the cycle has repeated.