The title is a Latin phrase, "bread and circuses," which is often used for the idea that people can be kept content, and passive, with food and entertainment. The poem applies that idea to modern life. The speaker says "we" are distracted and "sucked in," so they include themselves in the criticism rather than pointing fingers at others. We cry over "the most ridiculous shows," giving real emotion to things that don't deserve it.
The central image is the "painted puppets" who tell us "the meaning of things." Puppets are controlled by someone else, and the paint suggests a mask. That leads to the last two lines, where there is "no bare face, only lies." Nobody on this stage shows an honest, unguarded face.
The mood is bleak and a little disgusted, but also tired and resigned. The short lines and flat, blunt statements make the poem feel like a quiet verdict rather than a rant. The speaker seems troubled that we hand over our sense of meaning so easily.