I think too often this is used as a self-congratulatory song, where the person has already succeeded. However, my personal interpretation is that it’s a song about being on a tough journey. Using it in a psychological way, if you choose to say ‘we are the champions’ then you will do exactly what the next line is which is ‘we keep on fighting ’till the end’. Champions don’t quit. This song never fails to give me goose pimples.