I've seen $\otimes$ in a few different meanings with quaternions so far.
For example, $q_{1} \otimes q_{2} \wedge \left\{ q_{1},\, q_{2} \right\} \in \mathbb{H}$ is sometimes used simply as the product or Hamilton Product of two quaternions. I liked to interpret it as a reminder that the product of quaternions is somewhat special in its non-commutativity. Also used as a short form for this where $v = q - \Re\left( q \right)$(aka $v$ is the vector part), if we consider quaternions to be four-dimensional vectors and assume their imaginary units are given by $i ~\hat{=} \left( 0,\, 1,\, 0,\, 0 \right)$, $j ~\hat{=} \left( 0,\, 0,\, 1,\, 0 \right)$ and $k ~\hat{=} \left( 0,\, 0,\, 0,\, 1 \right)$:
$$
\begin{align*}
q_{1} \otimes q_{2} &= \Re\left( q_{1} \right) \cdot \Re\left( q_{2} \right) - v_{1} \cdot v_{2} + \Re\left( q_{1} \right) \cdot v_{2} + \Re\left( q_{2} \right) \cdot v_{1} + v_{1} \times v_{2}\\
&\text{or}\\
q_{1} \otimes q_{2} &= \Re\left( q_{1} \right) \cdot \Re\left( q_{2} \right) + \Re\left( q_{1} \right) \cdot v_{2} + \Re\left( q_{2} \right) \cdot v_{1} + v_{1} \otimes v_{2}\\
\end{align*}
$$
For more reference see this or here formula $12$ and $13$.
Another interpretation that I've only seen on Wikipedia so far is to define $\otimes$ as "Outer Product" when we interpret quaternions as $4$D vectors (see here):
$$
\begin{align*}
\left( q_{1} \otimes q_{2} \right)_{ij} &= \left( q_{1} \right)_{i} \cdot \left( q_{2} \right)_{j}\\
q_{1} \otimes q_{2} &= q_{1} \cdot q_{2}^{T}\\
\end{align*}
$$
You also find it sometimes in the theory of algebras and fields, but there the meaning is not unique to quaternions.