Listener question: self obsession

"If there is no 'self' then what is really going on in the often critical sounding expression 'to be self-obsessed'. Is this really just a term used to point out that the mind if caught in believing there is a 'self' and is 'obsessed' with trying to examine itself. A pointless loop and hence the appearance of obsession that arises as the mind desperatly tries to find the escape route from its percieved self. When caught in apparent 'self obsession' is this something we are in control of or want to aim to avoid or is it leading us to 'gifts' ?