It is a depiction of KaliYuga - an era of lies and corruption, which is presently going on.
It is written in different Vedas that there are four Yugas and their relation to the cow is given as:
Satya Yuga (or Krita Yuga) - it can be depicted as a cow standing on four legs
Treta Yuga - the cow is standing on three legs
Dwapara Yuga - the cow is standing on two legs
Kali Yuga - the cow is standing on one leg.
Here, no of legs is inversely proportional to the corruption level.
Also after every four Yugas, cosmic destruction occurs generally called as Pralaya, and a new cycle of life begins. It shows how destruction is necessary for new beginnings.
Last time this destruction happened, Manu was there to assemble a pair of each living being for the new cycle of life. Manu can be considered as Noah of Hinduism.