Keep in mind that this was the time when Syd Barrett was losing his mind, and the band members blamed much of his issues on the stresses of trying to adhere to the bands vision while at the same time pleasing their record label.

The cover portrays a subsurvient man (he is bowing) on fire, shaking hands with a man in a suit. Presumably, the man on fire represents Syd Barrett and the dominant figure represents the record company.

Just my take. Roger Waters and David Gilmour reveal very little when it comes to the meaning behind the bands work.