Well, that's basically the standard for a region lock icon. It's the most literal, easy to understand and immediately obvious icon, which is everything an icon needs to be.
48x48px is also incredibly limiting, text is pretty much immediately out the window as it very quickly becomes unreadable. As for the blue, the homebrew launcher is blue so it's the obvious choice. I was going to have mine a mint green but changed it since it's such an easy thing to switch out anyway.
I get what you're saying though, just can't personally think of a need or a way to get around it.
