I think it is a beautiful piece --very powerful and symbolic, and much more interesting than anything Bandai can come up with.
That being said, traditional Indian communities would view this as misuse of their culture and/or cultural appropriation.
The piece is especially confusing because it depicts the blending of two distinct cultures (Native American and Japanese), but perhaps that's what makes it so intriguing.
Because the purpose of art is to generate questions and thoughts, I think you have true art there.
Ah yes, on their page it says that they are inspired by the native American dream catcher so they aren't traditional but definitely more artistic! Which I find very interesting and expressive