If you think about the banner realistically, it does "fit" Soldat perfectly; Vigilantes taking the law into their own hands; and the law is to kill each other for no reason other than the sport.
But if you look at it from the "controller's" view, I guess it doesn't look like a pixelated, no-faced warrior. [Who'd of thunk]
So what I'm trying to say:
It depends the way you look at it. If you put yourself in your Soldat's shoes, the banner is perfect. If don't "experience" the game, only play it, I guess it doesn't work.