Vomit

Tonight I asked Mr Google why a dog would eat it’s own vomit. Turns out it’s because it’s not revolting to them.
Their sense of smell picks up the same ingredients/scents that were in it the first time they ate it.

Which in fact makes so much more sense of the rest of this verse.

A fool returns to the same folly when it’s not revolting to the senses.
It contains all the same appeal as the first time around