Make that “many things.”
This hat was featured by Twitter user Ananth, with a pretty good explanation of why it looks like this:
The replies have picked out a number of weird things going on here:
Unfortunately, this thread does not cover that the arms are operated by squeezing the legs. Anyway, here’s another amazing photo of the hat, courtesy of the manufacturers:
Less a majestic “when Captain America throws his mighty shield!” moment than a confused “when Captain America waves his mighty shield” one.