It's just a cheap ugly gun with a reputation for being used by criminals, or in this artists mind, black people. It's basically the gun equivalent of that cartoon "you can always tell an artists fetish" and it's a fairly low quality cartoon but the feet are just super detailed and realistic. This cartoon is that, but for guns and racism.
Of course the artist went out if his way to make the gun a hi-point, rather than just drawing a generic pistol.
What's the significance?
It's just a cheap ugly gun with a reputation for being used by criminals, or in this artists mind, black people. It's basically the gun equivalent of that cartoon "you can always tell an artists fetish" and it's a fairly low quality cartoon but the feet are just super detailed and realistic. This cartoon is that, but for guns and racism.