What is the interpretation of the Hadith: "The bonds of Islam will be undone one by one. And every time a bond is undone, people will cling to the next one. The first of them to be undone is governance, and the last of them is prayer"?

The Hadith: "The holds of Islam will be undone one by one. Each time a hold is undone, people will cling to the one that follows it. The first of them to be undone is the rule [governance], and the last of them is prayer," is authentic. "Undoing" (نقض) means dissolution and corruption. The "holds of Islam" (عرى الإسلام) are the elements of the religion to which one adheres. The first to be undone is governance and justice, and the last to be undone is prayer. This indicates a weakening of faith and that people will gradually cling to what remains of the holds of Islam.