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.
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.
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.