It's a Horde symbol but the middle part can also be called the "Eye" of the zone (AZSHARA), it's a play on words
No, it is happening. The zone changed, it belongs to the Goblins now and is their home. Hearthstone is having a mechanical themed expansion soon, November's cardback is Goblin influenced and revealed concept art shows Goblin machinery. It's a HS expansion, sorry.