What is this piece of G1 merchandise?

[cards4me]

It's a rubber figure that looks like you paint yourself from 1985 but what was the merchandise called? Anyone have it in package? Seapony for size reference. Thanks!
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[Sunset]

I don’t know what they are called but I have 2 of them.  I have an earth pony and a Pegasus.  I keep meaning to repaint them to look less like a child did it.  Which of course, is exactly what happened.

[lovesbabysquirmy]

Yeah I used to have a medley one