Feels weird to see the Caduceus associated hith Hippocrates; here in Europe I've only seen it used as a symbol of trade, while the Rod of Asclepius is the more common symbol for medicine.
I'm guessing, the rainbow colours are there because prisms are triangular. And to make it look more ridiculous, of course.
The ☤ symbol is a caduceus, which got mixed up here with the Rod of Asclepius, which is a symbol for medicine.
So, it's related to Hippocrates, who was a physician, perhaps most prominently known for the Hippocratic Oath.