of course it has subject matter you dumb shit. It's that the subject matter is so loose and weak that it may as well be nonexistent. Ergo it has style and no substance. Here's some dictionary to help with your retardation.
the most important or essential part of something; the real or essential meaning:
"the substance of the treaty"
synonyms: meaningfulness · significance · importance · import · validity · foundation · moment
the subject matter of a text, speech, or work of art, especially as contrasted with the form or style in which it is presented.
synonyms: content · subject matter · theme · message · essence