The in-game Wonderboy artwork in Little Haiti is allegedly a parody of the real-life game of the same name, from 1986, the same year GTA Vice City is set in. Wonderboy was published by Sega and developed by Escape.
The reference is allegedly another dig at platform games from the 80's. Thus, the in-game Wonderboy, being bald, is likely a vandalized version of the original Wonderboy, who earned recognition for his alluring hair.
While the statement above can't be proven, someone stated in the comments, that the logo is from a band called "wonderboy" from Aberdeen 
GTA San Andreas
Wonderboy can also be found on the same road as the Zombotech Corporation in Doherty, San Fierro in GTA San Andreas. He is seen on the graffiti-ed windows of a store next to the Stiphes Mortuary.