It would seem that this badge was created to represent the Marvel Cinematic Universe's (Earth-199999) Ravagers.
As such, we will have no clue of the badge's significance until MCU's directors sheds some light onto it. Before the release of GotG Vol. 2, director James Gunn posts this.
Also, here is an interview with GotG's costume designer:
Q: Yondu has a similarly cool look, which seemed to me like part biker, part bounty hunter. How did you devise his look, as well as his gang’s?
A: I wanted the Ravagers to have a distinct look—a coat type silhouette and a through line of color. But within that I also wanted them to be individuals with personalized looks. Yondu is the leader, the top dog, and a collector. Within all the Ravagers there are five generations of the ravager garb/uniform—all personalized, adapted and repaired. When the Guardians dress for the final battle they are wearing the latest Ravager garb.