Well, for me, this lyrics remind me on Kurt Cobain. Perhaps because he's my hero. I don't know if Dave Grohl or who ever that wrote it was talking about Kurt, but the title it-self, reminds me of my hero.
When it says " There goes my hero/ watch him as he goes/ there goes my hero/ he's ordinary", for me, this talks about the fact that a hero is, sometimes, the most ordinary and simple person. That hero just does something amazing naturally.
"Don't the best of them bleed it out/ while the rest of them peter out"- a hero is the one that stays no matter how bad things are. A hero is never gone.
"Kudos my hero, leaving all the best/ you know my hero, that one that's on"- I think it speaks by it-self.
Now, the relation with Kurt Cobain... Humm, well, as I said twice, Kurt Cobain is my hero. Why? Because his existence, in some way, saves mine. Even though I was born after he past away. His legacy gives me strengh. His lyrics inspire me. His quotes give me a reason to keep going. I don't care if people tell me he was a junky, without talent, broken person, suicidal, etc. Yeah, he had many problems. And, sadly, his life ended to early and in a tragic way. Despite all that "problems" he seemed to have, he inspires me. And, even in death, he's eternal. A hero lives forever. KURT COBAIN LIVES FOREVER <3 We miss you Kurt :'( RIP Kurt Donald Cobain <3