The colon isn't a "delete flag". Note that git push and git pull both accept zero or more refspecs as their final argument(s). Now read about refspecs. A colon separates source from destination in a refspec. The command git push origin :foo has an empty source and essentially says "push nothing to branch foo of origin", or, in other words, "make branch foo on origin not exist".
It is not the meaning of the : per se, but what is present, or rather absent before it.
The refspec format is
<+><source>:<destination>
(optional + for non-fast forward)
So when you do something like git push origin :featureA, you are specifying an empty source ref and basically making the destination "empty" or deleting it.
PS: Note that the refspec of : or nothing doesn't mean push nothing to nothing however. It makes git to push "matching" branches: for every branch that exists on the local side, the remote side is updated if a branch of the same name already exists on the remote side.