It stands for excitement, celebration and all around FUN!
I have engaged in making some, not that I am any good at it, but here is what I have done.
Above - see beginning stages, cut two pieces and sew right sides together. Trim point and them carefully reveal the point. Press - top stitch ( in my case with black thread)
I left approximately 1 inch between the flags/bunting.
I have pinned the flags/bunting to the bias tape.
Get it ready for sewing to the bias tape. Once positioned I stitched them together. Not sure if this is how you are supposed to do it, but it's how I did it. Yahoo. My first strip of bunting completed. I hope the ladies like it.