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Imagine if you will a Company that is exempt from most laws. Lead by a person who is considered to be true nobility where petty planet bound monarchs with rule over their entire world are second class citizens next to a Rogue Trader.
I'l give you a quick summery:
During the 30th millennium humanity was in shambles (i'l avoid go into details why). The Emperor appeared to humanity at this time and started the process of reuniting humanity, first conquering earth, then launching his crusade to reunite humanity across the stars.
During this crusade it became apparent that trailblazers were needed, people that could lead the way and handle the stuff they ran into while doing so. These carefully selected individuals, titled rogue traders, was granted a "warrant of trade" signed by the Emperor himself and acted sorta like explorers, conquistadors and interstellar merchants all in one. They were given vast authority and powers to fulfill their obligations, not being subject to many of the laws of the imperium, acting for the betterment of human kind.
The warrant of trade is hereditary and became the foundation of great rogue trader houses, so they are still around in 40k. And the warrants of trade are now more akin to holy scripture since the Emperor is now seen as "the God Emperor of Mankind".
There are also now lesser version of the warrants of trade that might have been signed by the lords of terra or even local powers, these aren't the real thing and don't carry the same impact, but might act in a similar fashion but in a much more limited scope.
No, that’s a bare bones. The East India Company at its height had less power and influence than the lowest rogue trader
https://youtu.be/4x7DdJ5DP_E
Here are two lore primer videos if you like. Though the game has a built in Encyclopedia that explains things.
What he sayd exactly, I wish to add to that, that the original warrants of trade, signed by the Emperor existed long before the Inquisition and the Religious Fanatical Cult and Racism, as the Emperor himself despised Religion in itself and what it can lead to, sadly, after his demise, Religion formed and lead to exactly that.
Now the Inquisition holds great Power in the Empire, so does Religion and the Faith, obvious, they do not really like those warrants of trade now, as you can imagine, but can little do about it, as they where written, by the Emperor himself, but are trying to mess with a rogue trader if they do something they do not like.
Some things you can't just makeup.
So that’s my next question, why do they just sound like all powerful beings with no down side. So we’re just an Uber powerful captain and deal with planets