It symbolizes the ideal man, like 'Prince Charming' from Western fairytales. So, it's used to express admiration when someone has helped you greatly or when you've seen them do something perfectly.

This emoji goes beyond simple royalty to carry metaphorical meanings like 'the chosen one' or 'the next in line.' In K-pop culture, fans often use it to compliment an idol's looks or vibe, saying they're 'like a prince.' In this way, a fairytale symbol is being applied to real people in a fun way.