[CRConrad]

> I have no idea what's that "upside down Y-shaped character" is about

The sibling post's "bopomofo" seems far more plausible, but if you're talking European alphabets, the Greek letter Lambda (for the L sound, AIUI) looks pretty much like an upside-down (lower-case) 'y'. Maybe one working hypothesis at the time was that the person set to find pics for the Chines pirate manufacturer looked at it the wrong way around, read it as a Lambda / L, and looked for pictures to illustrate that. Idunno, WAG.