This is an earphone or ear bud case. It's shaped like a classic forward-facing Sonic face, but the top of the head above the eye area flips up to store ear buds inside. It appears to be made out of that semi-soft matte rubber sometimes used for key chains. You can see the hinge on the right side where it would flip up. He is shown smiling, but it's a little difficult to see from the angle of the photo.
It is an ok idea as far as 'things that are Sonic's head, but shouldn't be', are concerned with ok execution. It's supposed to be for 2021, but it has not yet been found for sale anywhere. It might be a prototype photo / it is sure to be a factory photo.