From the Shirtpunch.com's interview with the artist:
"Question: What inspired this design?
Answer: Well actually it was pretty interesting how this design came about. Derin and I are both part of the RBC (what up!) and he posted an idea he had for a pacman/mario mash-up where pacman was wearing a mario hat with a mustache. From there I thought it might be better if Mario was in a Pacman costume as if he found a Pacman power up somewhere and from there we decided to collab on this awesome design!"