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... I am certainly NOT a hat expert, lol, but I have been handling vintage clothing for over ten years and I think the ribbon may possibly be as old as the hat. Naturally, that doesn't mean it was original to the hat. As Alan says, it could have been added at any time. Or maybe it was a custom choice by the original buyer...?
And a bound edge "Raw Edge" is quite the oxymoron!
These old hats lived through a period of time when hat shops were plentiful and hats were cleaned and renovated routinely. Here is a Stetson western I believe to be from a similar era that has been renovated with new parts. Which parts are newer, whether they were done at the same time can only be guessed. The sweatband shows an imprint from a process trademarked before 1940. It is also only a guess that the hat body and liner were born together.
Here is another of those Boss Raw Edge Stetsons with a decorative brim treatment. It is fifteen to twenty years later than yours.