"Bill Mitchell said he really liked it. But when he asked the other four their opinions, we all took one look at ourselves in our raggedy long winter coats and cracked up. We knew we weren't likely to tempt anyone or anything, but what the hell, it was as good a name as any"

In this quote by Otis Williams, the speaker reviews an experience including a proposed name or idea that was being thought about by a group. Expense Mitchell expressed a favorable opinion about the idea, suggesting that he saw worth or promise in it. However, when the speaker and the other four people-- most likely members of a group or team of some sort-- were requested for their input, their reaction was jovial and self-aware, as they discovered humor in their own situation or state.

The imagery of "raggedy long winter coats" indicates that the group was in a less-than-glamorous condition, possibly struggling or lacking in resources. This metaphor speaks with a broader understanding of their truth: one that is grounded and perhaps modest in appearance or situations. By "breaking up" at their appearance and occurring discussion, the group shows a self-deprecating funny bone, acknowledging their present scenario with levity instead of embarassment.

The phrase "we weren't likely to lure anyone or anything" communicates a sense of modesty or low expectations, implying that the group did not believe they remained in a position to attract attention or success based on looks alone. This awareness brings them to an approval of the situation, leading to a lighthearted conclusion that "it was as great a name as any". This suggests an acceptance of their present state, despite the result, and an acknowledgment of the name's symbolic instead of actual significance.

Overall, the quote records a minute of camaraderie, self-awareness, and approval. It recommends that the group worths credibility and humor over shallow looks, prioritizing a pragmatic method over issue for conventional expectations. Through this lens, they select to accept their distinctive identity, despite external understandings.