In the 1870s there were at least 3 versions contributed to Notes & Queries and these appear to be the earliest appearances of this little nonsense song. No hidden meanings I'm afraid, just the common swipe at the emascualted tailor. The contributors also offer versions of other similar but unrelated tailor ditties such as The Tailor and the Louse, which has 17th century versions.

His surname in these versions BTW is variously Birmingham, Bowman and Bobbletail.

The 'nine tailors make a man' is a very old saying, and the obvious meaning is very likely the original. Any reference to bells, if relevant at all, is likely a later accretion.