The song "Underdog" by Lil Baby & Gunna seems to focus on the themes of perseverance, ambition, and loyalty. The artists embrace their status as underdogs, expressing their determination to succeed against all odds. They go hard and work tirelessly to achieve their goals, knowing that they have to rely on themselves and take care of their close friends and allies.

Gunna reflects on his journey, from facing difficult times to now seeing dollar signs. Despite the challenges he encountered, he stayed loyal to his principles and made it through, emphasizing that the only thing he fears is God. He highlights the importance of loyalty, both in friendships and in relationships.

Lil Baby reinforces the idea of unity and loyalty with his verse, emphasizing the bond he shares with his crew. He mentions his success and material wealth but acknowledges that he didn't have a head start and had to grind hard to achieve it. Lil Baby also reflects on the constant scrutiny he faces, indicating that he is aware of the legal implications of his lifestyle, but he remains focused on his goals.

Overall, "Underdog" portrays the artists' resilience and determination to overcome adversity, stay loyal, and achieve success on their own terms. They embrace their underdog status and work hard to prove themselves, ultimately reminding us that the only thing they fear is God.