This bird is full of symbolism:

• Birds represent freedom, hope, etc.
• Also, as a way to represent the people who “flew away” from Reddit.
• The bird is from Oceania, sounds silly but is not a animal commonly found in nature outside that place, meaning it evokes foreignity for a part of the userbase here.
• C’mon guys, is a Cacatua, it can’t get cooler than that…