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I did some searching and found a few other people curious about it but nobody that's tried to ask any of the FF7 staff. Does anyone here have access to any of the staff or their social profiles?
If we consider that the shape in the foreground is a meteor, we can imagine that this logo represents a scene happening in space. This point could then represent a planet, maybe the one of the game.
I think it's safe to assume the core logo is meteor. I've always subscribed to that thought process myself. I have wondered what the smaller circle was, it's represented on the Advent Children logo too.
I remember the discussions of ff7citadel and stuff about it being the Black or Holy materia. I don't think I ever thought of it beyond just debris coming off the back of the meteor