Historically, the fool was a specific and important social and political role. Fools, buffoons, and jesters had the privilege of being able to mock important places and personages and solemn occasions where others would be punished for the same. In Jewish culture, the most famous type of fool was the badchan, who reserved his barbs for occasions like weddings, and the Purim Rav, a distorted mirror (and all fools were distorted mirrors) of the rabbi or rosh yeshiva.
As a real cultural institution, the fool represents society’s ability to self-criticize but in a contained, limited manner. Only specific individuals were permitted to “speak truth to power,” and through mockery, caricature, and humor. Perhaps even today it would be better if we would take foolishness – narishkeit – a bit more seriously.