Keiji Inafune, the creator of Mega Man, had a hand in developing this game. He wanted to give Capcom one more slap in the face regarding their cancellation of Mega Man Legends 3. So that statue is of one of the boss characters in MML3.
Currently playing: Rhythm Thief and the Emperor's Treasure - Let's Play on my YouTube! :D My Gaming YouTube: http://www.youtube.com/user/MasterChief3624