Is This The Most NSFW Kids Toy Ever?

When is an elephant not an elephant?  Take a look and see...

My youngest daughter is chewing on everything. I'm not sure if it's teething still or just a really bad habit she's developed.  My wife found a company online that sells chew toys for kids to focus their energy on.  We ordered them and got them in the mail yesterday. The results were... um... interesting.

Apparently it's supposed to be an elephant that kids wear around their neck or on their wrist:

Harmless right?  Upon further inspection....

I mean, WHAT?!

Somebody somewhere is having a very good laugh about creating this toy. Or do I have a dirty mind and I'm overreacting?