This looks fun. It’s Lego – you can’t plug it in and use it on a console – and there seems to be a Sonic The Hedgehog variation. Will there be any more variations? Time will tell.
Lego refers to it as 40769 SEGA Genesis Controller , and it has 260 pieces.

The image above is from the official LEGO website.
The front cover pops out to reveal a Sonic scene:

The price remains to be seen. Being LEGO, it will most likely be quite expensive.
It is not available yet at the time of writing (3rd September 2025), but hopefully it will be available soon.
I don’t think I will be buying it, but it does look cool, though.