It is absolutely real [1][2], and was quite the scandal at the time. If the reporting is to be believed, PepsiCo paid about $1 million for the branding strategy. All to arrive at a blob that looks like a fat person with a red shirt and blue pants separating from each other at the waistline [3]. So yes, it is a bit unreal.
[1] https://adage.com/article/agency-news/breathtaking-word-purp...
[2] https://www.fastcompany.com/1160304/pepsi-logo-design-brief-...