It was typical to have a female at the front of the ship. They were symbolic as to the spirit of the ship and um, I think they were used to placate the gods of the sea.
But yeah, the figurehead represents freedom. She's lovely, isn't she? The Black Pearl is just a fabulous ship, and I loved her the moment I saw her. If I believed in past lives, I'd say that I was a sailor. 😄
Interesting, though I don't think it had much to do with J/E shipping.
Of course, if I want to read too much into it, I would say that the figurehead is that of a Roman lady who has one hand over her heart and the other hand releasing the bird. So in a roundabout way, it could be representative of J/E. *shrug*
I think it's just a pretty figurehead to represent what the Pearl means to Jack.
But good thought!