Lyric discussion by lordbronte 

Cover art for Night Majestic lyrics by Au Revoir Simone

The song is explicitly about horse racing. The titular Night Majestic is the name of the horse our singers seem to be invested in.

If the song is a metaphor, I think it has something to do with the idea of the prize and the blue ribbon. The prize for winning is nothing compared with the story of the dark horse's amazing victory. A blue ribbon is worthless, especially if you're a horse.

Best interpretation: try hard because you can win no matter who you are and where you're from.

Worst interpretation: life is pointless so have fun while you can and engage in empty rituals if that makes you feel better.

My Interpretation