History of the song "The Lady is a Tramp"?

The Lady is a Tramp
By Frank Sinatra
She gets too hungry, for dinner at eight
She loves the theatre, but doesn't come late
She'd never bother, with people she'd hate
That's why the lady is a tramp

Doesn't like crap games, with barons and earls
Won't go to Harlem, in ermine and pearls
Won't dish the dirt, with the rest of those girls
That's why the lady is a tramp

She loves the free, fresh wind in her hair
Life without care
She's broke, but it's o'k
She hates California, it's cold and it's damp
That's why the lady is a tramp

Doesn't like dice games, with sharpies and frauds
Won't go to Harlem, in Lincolns or Fords
Won't dish the dirt, with the rest of those broads
That's why the lady is a tramp

What was a tramp considered when the song was written? Why is this stated as a good thing?
And what are barons, earls, and sharpies?

"The Lady Is a Tramp" is a popular song by Rodgers and Hart.

It was written for the Broadway musical Babes In Arms in 1937. This song is a sophisticated and witty spoof of New York high society and its strict etiquette (the first line of the chorus is really significant: "I get too hungry for dinner at eight...").

It was also recorded and released in 1937 by Tommy Dorsey and His Orchestra, featuring Edythe Wright on vocals.[1] In addition, it was recorded and released in 1937 by Midge Williams and Her Jazz Jesters.

It was recorded by Frank Sinatra in 1940s, Ella Fitzgerald in 1950s and Shirley Bassey in the 1960s, becoming one of their signature songs. Sinatra also sang it in the film Pal Joey. (In later years, as heard on the first Duets album, Sinatra would often alter the title lyric to "...That's why this chick is a champ."). Fitzgerald would also in turn alter the lyrics, to praise Sinatra or Sidney Poitier "...and for Frank Sinatra I whistle and stamp!". Less conventional interpretations include versions by Alice Cooper, Yes and They Might Be Giants.

Lena Horne recorded the song with the Metro-Goldwyn-Mayer Studio Orchestra on March 30, 1948. Her performance appeared in the film, Words and Music, a fictionalized biography of the partnership of Rodgers and Hart. That version is available on the album "You're My Thrill" released by TIM The International Music Company as part of their Past Perfect, Silver Line series (Catalog #204331-203).

From the context, it sounded like they were slang terms, so I looked them up and this is what I came up with:

Sharpie - An Australian skinhead from the 60's - 70's.

Earl- A dishonest person..

Couldn't come up with anything for baron though.