I have this weird rubber keychain. It’s from America. I obtained it around 2008. It’s kind of bendy but bounces back to normal when you stop. Who made it, and what is this character called?
The coloring and the shape of the helmet are reminiscent of the Marvel character Galactus. (Although the logo on its chest and the cape don't match up so well.)
I spotted a character that may have inspired the keychain: Midna, the titular princess in "The Legend of Zelda: Twilight Princess."
The game was released in 2006, which fits the time period. If this is the origin of the keychain, it was surely an unlicensed knock-off product, meant to evoke the Midna character without actually infringing on Nintendo's intellectual property. There are clear differences between the two characters; however, the "Z" on the chest may be an addition allusion to the "Zelda" series.