As mainyl nobody knows, Baphi wasn't seen as this evil beeing and the Satanic Goat as it's the case nowadays. Composing all elements, he more wanted to stand for the mix between good and evil, male and female, light and darkness as you can see in many symbols in this artwork. You will even find all four elements if you look closely. If you got some knowledge about symbols, you will notice that the petagram isn't positioned in a negative way, as you would expect it on such a figure.
This artwork is inspired by the original known as "The Sabbatic Goat" or "Baphomet" created by Éliphas Lévi in 1854, which he produced as book cover of "Lévi's Dogme et Rituel de la Haute Magie" Volume II (Rituel), as this was the one artwork changing the perception of people in the way they were seeing the name and symbolism behind Baphi.