Think I may have a possible answer
In 1941 the head of the USA National Safety Council was Colonel John Stilwell
- the younger brother of Vinegar Joe
Theres an old newspaper cutting at
24 Mar 1942 - AVIATION SAFETY American Awards For 1941 showing this
Also photos of him with similar comments at
Public Safety Director Elliot Ness Greeting Colonel John Stilwell - U551799ACME - Rights Managed - Stock Photo - Corbis
and
The Pittsburgh Press - Google News Archive Search
However note he wasn't an airman at that stage - he was VP of Consolidated Edison. I wonder if the bust was some kind of thank-you for him giving Braniff a safety award - in which they gave him a fictitious pilots rank?
Or maybe a memorial when he died in 1963?