I’ve never heard of this before. It’s an elaborate parody... right?
[1] https://adage.com/article/agency-news/breathtaking-word-purp...
[2] https://www.fastcompany.com/1160304/pepsi-logo-design-brief-...
So what you're saying is that their new logo was really just their old mascot [1] who had let themselves go?
[1] https://www.google.com/search?tbm=isch&q=pepsi%20man&tbs=img...