It has a recent history going back only a little over ten years ago. It's origins were from the Corvette Racing Team. Back in 2004, they used a slogan "Take No Prisoners" during their 24 hour endurance race. It simply started on a napkin and the rest was history.
Sketch for "Jake"
Transitioning to the 6th generation platform the logo went public. It was found on their C6R race car and it became a hit. It prompted sales of multiple products for Chevrolet and the Corvette brand.
Here's a subtle cue added by a Corvette owner.
As for the name Jake, there's no clear answer to that one. There are multiple rumors floating around the internet. Regardless, Jake is here to stay. He made a one time appearance on a factory production vehicle back in 2009. with the lust-worthy Corvette ZR1, code-named "Blue Devil." Maybe he'll make himself known again on a future Corvette.
"Jake" sitting on the air intake of the LS9 supercharged V8 found in the 6th generation ZR1.