This is the Mentor Insignia, which stands for experience, knowledge and guidance.
The Vanguard Mentors Commander Zavala and Ikora Rey bear this Insignia for their huge knowledge and/or experience in the field, which they share to all younger Guardians.
Why Cayde-6 does not wear it (openly) is unknown, but one could assume that Hunters prefer to be alone and make their own experience, therefore Hunters need no guidance.
Bonus Fact: the Mentor Insignia is also used by us Forum Mentors on bungie.net and is shown on our exclusive In Game Emblem.
We also stand for experience and for guiding Players to the solution of their technical issues.
If you want to know more about Mentors and our role in the Community, please see our [url=https://www.bungie.net/en/Clan/Post/18405/189936032/0/0][b]Mentor FAQ[/url][/b].
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Thank you for the reply, this helps. I've always been curious as to what that symbol stood for since I've seen it so often. It's pretty cool that it is also a part of representing helpful people in the community. I now also understand why it is displayed when a player levels up.
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Glad to be of help!