I found a bag of mostly boys' toys at hardwaste in my area. In amongst the obligatory McDonald's toys was this odd object. It is most likely for the Disney version of Tarzan.
Gorilla carrying a human baby aspect aside, there is something weird about this toy. I think it the way the baby's head has an endless chin as it shoves its head out of the blanket - like he's poking his creepy little head out of a cannon. Yes I think that's what it is.