A clue to the poem's meaning is found in the word "homage." It is a noun denoting respect or honor demonstrated publicly. The poem's speaker is a woman who is conscious of her feminine physique and appreciative of what nature has given her: large, sensuous hips.
While there are frequently-shifting societal norms about what female body shapes are attractive, the speaker wholeheartedly ignores all of them and revels in the shape and size of her hips, which she describes in glowing terms like "big," "free," "mighty," and "magic."
The speaker embraces her sexuality as well, proudly proclaiming that her hips have a history of entrancing at least one man, on whom they "put a spell." She sets no limits on herself, announcing through the use of synecdoche that her hips "go where they want to go" and "do what they want to do." Her hips are a symbol for the unapologetic physical and sexual freedom she feels as a liberated woman.