Unfortunately, this does seem to be a legitimate “Inflatable Wolverine Toy”. So the Claim that an Inflatable Wolverine toy with the inflation point being rather unfortunately located is not a hoax.
I’ve gone through a few articles an not unless it was a really ridiculous site did it claim that it was a “Wolverine Bolow-up doll” specifically.
The Inflatable Wolverine toy with an inflation point located where the male genitalia would be is thus not a Hoax. The claim that it is a “Blow up doll” is. Who, if anyone looking at that picture would realistically assume that it was a blow-up doll?