The old story about how the Roman Emperors used to judge the efforts of defeated gladiators by indicating either thumbs up (they fought well and should be spared) or thumbs down (they sucked and should be despatched by the victor) leads to some cool gaming opportunities to play on the trope. (It has some basis in truth, but the specific details have been lost to history.)

Anyway, you can certainly play on it in a game setting. After all, opportunities to use it, when the heroes are fighting a bunch of mooks in the presence of an observing boss, should arise fairly regularly in any decent game.

Transcript

R2-D2: So are Luke's exploits visible from the droid slave workshop? A screen or something?
GM: Sure. It's the most excitement they've had since you arrived.
R2-D2: Excellent.
Jabba: Lo! What a grand spectacle! Two thumb-like appendages up from me.
Boba Fett: Seems like a grand waste of time. When are we going to slice up Captain Solo?
Jabba: Alas, my slicing technician has suffered a workplace safety incident.
Boba Fett: You don't mean...
Jabba: Hard to believe one so large could slice with such artisanal precision. Such was the joy.
Leia: That thing was going to slice up Han? I'm glad it's dead.
Bib Fortuna: {sotto voce} The pigeon has poisoned the mudcrab.
Lando: {sotto voce} Affirmative. Commencing Operation Opening Ceremony.
Boba Fett: Why would you send your star slicing technician up against a Jedi?? You madman!
Jabba: Madman? Ho ho ho ho!
Salacious Crumb: Ho ho ho ho!
Jabba: You've obviously never seen my brood pouch.