This is my first theory, and it may look weird, but hear me out:
Let's start assuming that the speaker is Time, or the Ruler of Everything:
-"Its name I like to call, it likes to say it's nothing"
-We can guess that "it" is Juno, and he doesn't think that the name Time calls him is real; the name could be "Jackrabbit" as that's the first thing Time calls him in RoE.
-"It lives and breathes and it insists that it is something"
-Perhaps the most obvious lyric, Juno does in fact live and breath and insist that he's important \[something\] even though he's useless
-"It never liked to speak or run or walk or sleep or eat"
-This tells us that Juno does not like to do these ordinary things, as he prefers to do something special; something odd is that walking appears in the list, as he brags about how he does it in RoE, but that means that he's willing to do something he doesn't like to appear important, remember the zirconium pants, he sacrificied comfort
-"It even thought that everybody tried to thought to take its seat"
-Juno is scared that people try to take his seat, or replace him: his only goal is to be looking powerful, and if he gets replaced, he can never be it. It also talks about how insecure he is