To "bag it up" means what in modern vernacular?

Lectori Salutem!
I have been asked (because I am supposedly a native-english speaker) for the meaning of the phrase "bag it up".
I am familiar with "to bag it" meaning to abandon some pursuit, but I fear that "to bag it up" is different. For context may I refer you to the lyrics of the eponymous song which may be consulted at

Jitze