This is the Funbringer 3000, it's a craftable clown exosuit unlocked with true potential (as of unstable) with a built in megahorn that causes inverted controls and distorted vision. Instead of batteries it uses fuel rods to power.
There is a glitch with it right now that takes up one equipped item slot so two handed weapons cannot be wielded while using it.
Hope this helps!
This is not a glitch. One of the suit's hands is a weapon in itself, and can't be used for holding things.