Schon = beautiful. Schon is a word. The umlaut 'O' looks like a face. It can be read like an image. The umlaut 'O' face is saying, via the speech bubble (a symbol) another image or picture which can be understood as beautiful. The drawing refers to itself in a kind of circular way by using symbols and images interchangeably.
It's not really that complicated: the drawing is a word that means beautiful, and a face that says beautiful, and a picture that refers to beautiful.