This is the "Game On" backpack by Accessory Innovations.
It is a 16 inch kids type backpack school bag. It has a 16 bit pixel theme. The main outer pocket uses the 'victory/end of the game' large pixel art for Sonic, Tails & Knuckles but it overlapps them so they go inside the pixel ring. The background for the whole thing is, of course, Green Hill. It applies the classic/full color logo at the bottom left. The slogan at the top is "Game On!" in a thin, pixel yellow font with a row of rings above it.
This one has the usual shoulder straps and mesh side pocket, but it doesn't come with anything. It's nice, colorful, and has a classic feel. (What's curious is that if it was for like...a middle-schooler or grade-schooler in 2021, would they even have played the Genesis games/beat them to know what was up with the bag art?)