that sort of badge has been around since at least the 1970s and as far as I know are still made.
R E V Gomm, Birmingham are a major maker of this sort of badge, and used to advertise regularly in 'Buses' magazine.
They are produced independently of bus operators or any form of authority.
They have always been aimed at enthusiasts (although some bus operating staff are enthusiastic enough to wear them - bus operators' attitudes towards staff wearing 'non official' badges on their uniforms can vary, as AM9 has said.)