(Traditionally, when something horrible happens in a circus, the clowns are sent in to distract the audience from all the gore. And yes, that’s the metaphorical context of the song as well.)
I feel that when you strap bears and monkeys to bicycles and put them together, that outcome is an inevitability. At least that’s what grandpa aways told me.
“At one stage three workers, dressed in brightly coloured costumes, try to wrestle the bear away, while another leads the second monkey away.” Sounds close enough to me.