The main image of the man in the foreground holds the denotative meaning of a tall muscular man, holding his hurl as his weapon of choice, and standing in front of a gigantic bull in the background. This is the basic understanding of this sign.
But the connotative meanings show much more to the viewer, they see a brave manly warrior standing up to a formidable opponent, this to me represent manliness, power and fearlessness. All of which Guinness as a brand wishes to be represented with.
The bull snorting hot air out of his nose looking down on the man gives the connotation to the viewer that the bull is angry and is about to engage is some sort