Many people have this emblem equipped just to have an appearance. I saw this guy (actually a kid) with the emblem and some ToO weapons you can only get by going flawless. Something told me he got carried, especially when his grimoire score was low. So I went to his profile and saw that his ToO k/d is lower than 0.60 and that his all time crucible k/d was not even 0.70.
Edit: I see a lot of people misunderstood what I was trying to say with my grimoire comment. Grimoire is mostly experience and playing time. It's basically a score based on many volume achievements. The more you play, the more experience (grimoire) you gain. My point was that if someone has low grimoire, it is likely that person is not very experienced, which means he (or she) probably got carried.
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The emblem doesn't mean very much for many people anymore, especially with many getting carried. Not going to lie, I see someone with the emblem and I generally think either Thorn douchbag, carried, or attention seeker.