This isnt a book. A book does not represent one persons public persona like an album cover does, it represents a story.
What if the book is an autobiography talking about the person's public persona?
Unless this is a concept album, which it is not, then that cover is directly representing what Mr. West sees himself as, a pink teddy bear. Cool for him I guess; if you like that sort of thing.
As a rapper, you most likely have come across people in the "music business" who have told you the importance of an album cover. But, to say what the album cover represents varies from artist to artist and it is up to the artist to find a reason and have an explanation for what it means. There's not a universal agreement; not every cover is meant to represent what the person sees themselves as. Just because Pac felt crucified (7daytheory), doesn't mean Kanye feels like a pink teddy bear.
His first album, College Dropout, had a disgrunted teddy bear (I think it was a mascot of the college he attended). His second album, Late Registration, had a not-so-happy teddy bear in an empty hall, and now this one has an excited and energetic teddy bear with a unique style. He's showing that he's made it now, he's not broke, he's "fresh to death", he has style, he is bigheaded, etc. On Barry Bonds, he says "my head is so big, people can't see from behind me" or something like that. He's poking fun at people like Bobby Sands, I think.