Pretty good video explaining what's going on here:
https://www.youtube.com/watch?v=lGYZTieLh_Y
Basically, Eric July bought probably somewhere around 40,000 of these figures as a vanity project, and is doing a preorder campaign even though he's already had to pay for them. It's highly unlikely he'll come close to selling them all but it was a vanity project, so at the end of the day he doesn't care how much money he loses on them. It might be re-using a buck from the DC Multiverse line but it's hard to tell without examining it-- it looks like a generic superhero buck with the unique pieces being the head and the diaper.
Overall, it's a bad deal. $40 would be too much even for DC Multiverse figure, and this thing comes with barely any accessories to justify the high price. If he came with some unique pieces that people might want to add to their collection like say, a big blast effect piece to using in a pose (I don't know what this character's powers are, just using that as an example), a bent up street sing to use as a melee weapon, etc. that kind of thing might sweeten the pot.
I guess if you are a big fan of Eric July then $40 isn't that crazy but I don't see what the appeal is at all other than the metallic orange paint apps, or what the play pattern with this character is supposed to be. I'm guessing he's a street-level hero with generic enhanced strength kind of like Luke Cage, which is fine, but again I don't think you can effectively pitch a $40 figure that doesn't have any accessories, uses a generic nude male buck and doesn't come from a huge IP. I paid $80 for a Rocketeer figure so I won't claim a higher price is unjustifiable on a niche product, but this seems kind of lazy.
