Yeah, Google decided the Wrench icon wasn't meaningless enough so they changed to something that means even less.

I presume it's for consistency with Android, since right now Chrome for Android still makes references to 'the wrench icon' in text.

Reminds me of this post: "What the hell does ≡ do, anyway?" http://ada.mbecker.cc/2012/06/14/goddamn-three-bars-icon/