Does the phrase mean

1. the worst part of the American South, whether it refers to people, habits, customs etc. ? (my guess)


2. the remnants of the Old South?

or something else?

There's no further context so I just need your views about it.

How could there be no further context? Where did you find it?
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It's just the name of a band.
Well, that is significant context that should be included in this sort of question. Yes, I agree with your guess. They are jocularly putting themselves down as poor musicians.
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