He was refering to Bennie and the Jets, of course. But I doubt he was actually *refering* to them, per say. They were a high school group in '73, and this song was a complete coincidence. Elton John unsuccesfuly sued to get the band to change their name but was unable to. Even so, it's Taupin who writes the lyrics.
Man I used to be such a fan of Elton John... but yah, back in the earlier days. His stuff now (er, for the last 20 years) has been terrible. But man, in '75 when Goodbye Yellow Brick Road came out... though I was only 6 then.... I was completely hooked.