The intended interpretation is probably a stylized 0 for Off and a 1 for On, but I can read way more into it.
The circle can represent closed loops or repeating cycles, or even the orb of the globe.
The line can represent linear time, forward progress, or a wall blocking progress, or even an incredibly simplified depiction of a human standing.
Together, they can represent a duality between opposites but merged into one, like yin and yang, or like the Hegelian concept of synthesis. Cycles and endings; humanity and nature.