The ballad's structure—four stressed beats iambic tetrameter followed by three stressed beats iambic triameter —is well suited to tell a dramatic story in simple terms.
When we thing of something that is "raggedy," we think of rags, poverty and need.
Could there be implicit criticism here? Listening to the recording you can hear the reverberation of the room large space, highly reflective concrete walls.
Robert Browning was a master of this genre.
Musical fool -- multiple meanings of the word "fool" -- fool as enthusiast, fool as mental defective, fool as entertainer.