Command.dat's tags are archaic and outdated. They come form an era where icons were hard-coded into a custom build of mame.
Those files really need to be re-worked.
That being said, unless there's been yet another change to command.dat, it's symbols don't look like that. they usually have a "^" symbol "_", "@" or something similar followed by a single character.
That is indeed the flag for that particular button, but it isn't a proper flag. It only seems to be used for mk3, it's too long and it's just in the wrong format. Looking at my set there isn't a Run icon an "R" icon or anything suitable.