Believe it or not E.S.P. is actually a topical song by Eugene. Although the term extrasensory perception was first coined in the 1930s, it became the focus of new experiments by parapsychologists in the 1960s. This of course, like everything in the 1960s, showed up on television, and appeared in many different forms ranging from hard news to silly comedies, even a cartoon or two.
Eugene however, has a slight misunderstanding of the term and although he gets right that it is about perceiving someone else's thoughts, he takes it a step further and adds in that it is also mind control, and in fact mind control is the theme of the song.
One of the things about the this song is that it reflects the thinking of the time it was written and would not have raised a single eyebrow, but from the viewpoint of the present day, it would be declared politically incorrect, and it comes off as creepy.
The music and production seem to clash with the lyrics and the theme of the song, which from my point of view, just makes it that much more enjoyable.