As I suggested in the Venting topic, the Club don't own the mould or the character of Punch, only the head mould and maybe the exact colour scheme.
Hasbro can do whatever they want with this (their) mould, in whatever colour scheme they want, but they wouldn't have the same head mould (because FunPub produced it themselves), and would likely have a different colour scheme. Making this particular toy different, and still *Exclusive*. Just because FunPub are the first with the idea, doesn't mean Hasbro can't do it as well.
After all, we have Universe Overkill - FunPub did one, and about a year later Hasbro did one as well. No one really complained about that one, despite no new moulding (as opposed to Thrust (and Punch) which is significantly different because of the exclusive parts FunPub created).