Facebook has recently made a couple of small but meaningful changes in the website’s interface. These changes make FB interface a bit more intuitive and also make the privacy options more accessible.
The wheel or ratchet icon is fast becoming de-facto symbol of items like settings, options and preferences on Internet. Google was among the major Internet companies who early adopted this symbol. Lately, Google had redesigned its interface to make it uniform across the host of its services (but interestingly Google Chrome still does not use wheel as icon for button that pops up settings menu). Anyway, Facebook is yet another big Internet company to have fallen in line and placed the wheel icon in top-right corner.
It is very important to have such kind of standardization on websites because people who are not very tech savvy sometimes find it difficult to navigate web pages. Implementation of such standards by Internet giants is certainly a welcome move because it will encourage others to follow the suit.
I hope this was useful for you. Please feel free to ask if you have any questions on this topic. I will be happy to try and help you. Thank you for using TechWelkin.