There's no one 'music theory perspective'. Why not analyze it on more axes?
- Rhythmic patterns and variation
- Interplay between instruments
- Instrumentation and arrangement
- Structure
- Vocal style
- Lyrics
- Recording and mixing
By these metrics (and the ears of 99% of its listeners) it's a more or less generic 80s adult contemporary song. Yes it has a weird chord progression. Would it be more complex if it couldn't be boiled down to a series of chords?
- Rhythmic patterns and variation
- Interplay between instruments
- Instrumentation and arrangement
- Structure
- Vocal style
- Lyrics
- Recording and mixing
By these metrics (and the ears of 99% of its listeners) it's a more or less generic 80s adult contemporary song. Yes it has a weird chord progression. Would it be more complex if it couldn't be boiled down to a series of chords?