The statue is a large, gray replica of Squilliam Fancyson holding a bag of trash. On the bottom is a golden-colored plaque. This was rewarded to Squilliam Fancyson after he cleaned Bikini Bottom in a week, therefore the Trash Bag and stick.
Role in the episode
A statue of Squilliam was built for cleaning up all of Bikini Bottom in one week. Later, Squidward's statue, made out of garbage, melts Squilliam's statue by its smell.
Squilliam's Statue doesn't feature Squilliam's monobrow. One possible reason is that he doesn't want his monobrow to be featured on the statue.