That song is just aggravating as hell, not to mention one of those inescapable earworms that's impossible to get rid of. It is literally the one song that has me in the "eh, not a fan" camp on Seger in general, even though I like a lot of his late '60s stuff and some of his assorted AOR singles ("Main Street" especially).
The dumbest thing about "Old Time Rock 'n' Roll" is that once he gets the obligatory meathead disco-sucks verse out of the way, he has to reach for something else that he prefers rock to that'll fit the meter/rhyme scheme, and so in the second verse he's all "yeah, you know what else I can't stand? Doing the tango."