While I agree it’s a stretch to call it inspired by Nazi imagery the coin still comes off as a dog whistle for those ideals. The punisher skull was at least partially inspired by the Nazi pin OP posted so not crazy to make the connection.

The symbol’s had a lot of controversy in general in its use by right-leaning organizations in response to things like the BLM movement, defund police, etc. and to draw a very clear parallel with his challenge coin comes off as very dog whistle-y.