Easy Rider: Meaning of "We blew it."

"We blew it," says Captain America in response to Billy's declaration of their trip to Mardis Gras as a success.

I did some research and it turns out that not only was the explanation of this line removed from the film, but Peter Fonda and Terry Southern both always refused to even offer clues as to its meaning. This indicates that the line is open ended, up for interpretation. While some may argue that the fact that the line is meant to be enigmatic defeats the purpose of analyzing it, I say that even more meaning can be gleaned from it.

Of all the potential meanings I researched, the following is the one I believe is most likely the correct meaning.

Captain America and Billy had failed a spiritual quest. Along their journey they encounter hospitable people who pray before dinner and remind them of proper manners (such as the rancher's family). Captain America remarks more than once on how impressed he is by the life they built there.

Later, on Sacred Mountain, a hitchhiker they picked up from a Sacred gas station chastises Billy for being disrespectful to their camping grounds. At the hippie commune, which is filled with playing, happy, laughing children, another prayer is held. Here they are invited to stay.

In spite of all the positive spirituality they encounter on the way, they trip on acid, pay prostitutes, and have a very unpleasant time as religious imagery flashes on the screen (meant to represent what they see during their bad trip).

Captain America is on a quest to find meaning, but every time he encounters evidence that there is something more to life than a gas tank full of drug money, he ignores it. He only realizes his mistake when it's too late, and is punished by fate with death for his failure to accept the offer

It is worth noting that the support for this potential meaning of the line, "We blew it," came in the form of evidence presented in an argument that this is a more conservative money than liberal. The spirituality is presented as a positive alternative, and family togetherness is presented in the rancher's house and the hippie commune, the rancher's house even having some traditional manners.