I'll even go a step further and say that this was created in the 1850s by Eliphas Levi, which people may know as an (in)famous occultist, for his book Dogme et Rituel de la Haute Magie (you're damn straight I'm just copy/pasting that name).

His reasons for adding the Caduceus (the staff of Hermes more specifically used for the symbology) were -- apparently and to be a bit reductionist -- to signify "balance". It goes deeper than that, but I don't particularly make it a point to delve too deeply into that stuff beyond the historical aspects, I just wanted to point out why it is used in an 1850s depiction that spawned other versions of it by posers.

Rather than pointing towards what essentially amounts to a modern day depiction of a creation that has only been traced back to as far as 1098 (and was, in 1307, what Philip IV accused the Knights Templar of worshiping in order to arrest them) and what many scholars seem to believe was actually the (false) prophet Muhammad [according to the Brittanica], if you can believe that spicy bit of information, people should instead be looking towards Ancient Greece and Biblical references to understand, both which predate the first known use of Baphomet by at an absolute minimum a thousand years.