Maybe you'll get a replacement
There's plenty like me to be found
Mongrels, who ain't got a penny
Sniffing for tidbits like you, on the ground
Taupin pushes the point with the verse of himself or Elton being easily replaced. There will be plenty of other artists who will be easy prey for these rich folk.
Taupin reflects on the fact that without their combined creative genius, Elton John would be insignificant, a "tidbit". Only together can they find the level of success they attained, for better or worse.