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Though I don't honestly know, I think that symbol is meant only to connote world domination, as most everyone else has already told you. Also, it does look pretty cool, so I'm sure that's the primary purpose for it being there. Just as most people like that image of Che Guevara because it looks cool; rather than what it represents, I'd imagine the 7th column symbol is there because its interesting. I doubt its touting any particular system of government.
Although, Bungie likes to hide things everywhere, and they like double meanings. Perhaps there is something to it, and perhaps there is nothing to it. That sounds rather Bungish... Perhaps that was their real intention all along.
It does remind me of a kind of personified Fasces though. But, that's the opposite end of that political spectrum. So many things it could or could not represent. Hahahaha. I'm not going down this rabbit hole. I'll leave it to you.