The raised fist motif means tyranny.
Over the years many extremist groups have used the raised first to promote their cause. Groups like the Black panthers, Nazis, BLM, the KKK, and more. You can also see the usage of the color black in their names, and/or their clothing. Black signifies the darkness, not the light and truth.
I immediately thought of Beyonce's Super Bowl half time performance.
Fists also communicate tantrums. I think that may have been the beginning of the raised fist...Weak or emotionally immature people who have not gotten their way.