This is just what it appears to be: a crocheted amigurumi (or "antigurumi") teddy bear depicting a scene from the 1976 horror movie Carrie.
Poor Carrie Bear got a very cruel prank played on her at the high school prom, and now she's really steamed and ready for revenge. Will she use her awesome powers of Telekinesis to pull down the jokers' pants? Or maybe put Saran Wrap over their toilet seats? So many choices... but I'm guessing she'll probably just burn the whole school down instead.
What a wonderful prom gift! Made by Croshame, this bear is available at Etsy. Link -via Laughing Squid