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The word has another meaning, like when you say "Bully for you." Who says that? No one, really. But you could. When you hear about someone doing something cool, you can say "Bully for you!" and bring it back into fashion. I don't know what it means, exactly, in that context. It's not, here's a bully for you (as in a person who is mean to others and bosses them around or harrasses them). Maybe it's more like, bully for you, like a little male cow. Like, you're so cool, here, imagine a small bull and that it's on your side, too, just like me.
We say bull, as in, short for bullshit. That's bull. But I don't think bully for you is talking about that kind of bull. Does anyone ever say "Bully for you"? Did I just make that up? I don't think so. It's old slang. Like 50s slang. When more people had real bulls in their lives because bulls were more a part of the landscape. And everyone back in the 50s loved a little bull, especially, since most bulls were big. The little bulls were rare and were called bullys. And if you were really, really amazing, like the best person, you got a bully as a prize, and you retired to a field together to sniff flowers like Ferdinand.