The simplest meaning is also the most functional: it’s a claim of enthusiasm. When someone leads “we got spirit, yes we do,” they’re saying, in effect, we’re ready, we’re loud, and we’re behind you.
In many settings, the chant works as a call-and-response. One side starts the line; the crowd responds in unison. That structure matters because it turns a group of individuals into a single chorus—students become a cheering section, fans become a unit, and a game becomes something with shared ownership.
“Spirit” here usually refers to school pride or team support. Depending on the event, it can also mean community pride: the willingness to show up, take part, and keep the mood from collapsing when the scoreboard gets tense.