I wouldn't expect the icon to show up unless there are squadron megaships around somewhere.
Update notes clearly stated mega ship icons would be shown in squadron allegiance.
Squadrons
Added a megaship icon on the Squadrons allegiance screen
Fixed Squadron bookmark icon alignment issue in galaxy map
Added icon to show the happiest system in the Faction allegiance screen.
But as always frontier did a botch job on updates .
Leaderboards have been reset all effort done by groups is now blank.
We can safely say Elite will die with this season. none of the development plans features that where promised have arrived.
Trade is still the same old crap as it was in 1.1 october 2017 "trade will get a significant update" shown some nice market trend screens . and we got well nothing.
Ice planets well where are they let me gues delayed how unusual.
Carrier for squadrons hyped what you dont believe delayed how strange.
Premium content for backers and LEP holders. hmmm not there o yes some paint jobs no one would buy in the first place.
Frontier is turning their development in to a real joke. "we got over a hundred people working on elite" what the hell are they doing?
Companies smaller than frontier are pumping out more and better content for their games on regular basis .
No wonder people are leaving the sinking ship that is called frontier.