Yes, surely.The innuendo is that the pub is the best it could be,best of its kind. and so the criterion by which others are judged [ " A principle, standard or test by which a thing is judged, assessed or identified': Oxford English Dictionary]. Can't find any interesting historical or etymological reason for the name. It's not like Bag o' Nails being from Bacchanales (supposedly) or Elephant and Castle being some local or important lord's heraldic device.