This phrase points to the fact that regardless of how badly (or not) someone missed the target, it is a miss after all.
It disregards the fact that a miss may be by a narrow margin, because it still represents failure.
Although they scored the last goal, that one miss was as good as a mile.
It does not matter that you scored two marks less than her, you will not be given the prize because a miss is as good as mile.
I ran a marathon ones and can tell you that only in charitable runs a miss is not as good as a mile. Everywhere else the competition is fierce.
He did not get the award even this year after all the hard work he put in. He is quite depressed since a miss of this nature is as good as mile.
There is no origin for this idiom
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definition
Common phrase that has a specific meaning.