This emoji brings to mind the fairy king 'Oberon' or the mischievous 'Puck' from Shakespeare's 'A Midsummer Night's Dream'. It's suitable for describing a character with a dignified or roguish charm.

In modern times, it's also used to positively describe a man with a delicate sensibility or a unique style in fashion or art. It can be extended to mean praising a free personality that goes beyond gender stereotypes.