What could Garvey's observation that all the world is a hot dog mean?

Garvey decides to share his hot dog with Cole. Garvey's act of sharing transforms simple food into a celebration. Each time Cole takes a bite, Garvey makes a toast, "Here's to the sun and the rain."This way Garvey is able to share the hotdog with everybody and make it part of everyone's experience,

"All of life is a hot dog. Make it what you will. I suggest you make your time on the island a delectation."