There is no shortage of bootleg merchandise with the wrong superhero on them. I follow a few instagram and tumblr accounts that show pictures of all the horrible bootleg merchandise out there. Super League (Justice League) where half the characters in the package are Power Rangers and the other half are X-Men. They are works of beauty. This is a prime example of the type of products that are created. I'm not sure how any of this works legally, but is there a point to not just saying Superman instead of Batman? Can you avoid a lawsuit by saying it's a different character than what's shown? It's like parody law. They could just claim that it's a parody.
Just like the Africa shirt that said Asia, I think this is very cool. It's anti establishment, which I'm not super passionate about, but it makes me sound cool.