What does this mean?
No 'favicon' could be found for your site. However, a favicon brings many indirect benefits for your pages' SEO. Having a favicon next to your website title on browser tabs, on bookmarks, on history archives, and so on, helps a user save time, and identify and browse your website without difficulties.
If there is no favicon on your site, you may also lose out on the chance of being on a bookmarked list of a Chrome browser and hence indirectly lose out on a small but significant search ranking signal.
What to do?
You should get a favicon for your site.
Autofix is available for Wordpress Websites.
Find out more, here: https://www.woorank.com/en/blog/the-importance-of-favicons-for-seo
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