As problematic as it sounds, it's considered an insult used to emasculate a man by communicating ... the buono gesture to a specific origin point, it's likely the same as other Italian gesticulations.

Italian sport pays homage to Franco Chimenti with a gesture for eternity. In Rome, at the “Giulio Onesti” Olympic Training Center, CONI has named a street, “Viale Franco Chimenti, a great man of sport ...