We know the name of the philosopher of capitalism, Adam Smith. We also know the name of the philosopher of Marxism, Karl Marx. So, quick: What is the name of the philosopher of fascism? Yes, exactly. You don't know. Giovanni Gentile, a lifelong socialist, who may be termed fascism's Karl Marx.

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It wasn't just reed, a number of wooden or metal rods tied together to hold the axe in place also represents the fasces. Maybe the modern model of the axe started out as the fasces, due to the flexibility of loading/unloading it. And depending on how thoroughly the fasces was tied together, it very well could have been used to decapitate based on an executioner's strength and precision to strike. The gallows were primitive at first before they became the modern iteration we are familiar with from Europe.

I would conjecture that the possibilities side in favor of the fasces being used as a weapon originally. And then it became symbolic of the "old days" to pay homage.