It's possible. The one I saw was out of packaging, in both modes... and I think a photo board of its transformation. But there are certainly a few of them out there, as it appears to be simple enough to engineer.
Why? It has to resemble the distinct designs they "own", and the Skyfire design and rocket booster is nothing like Robotech designs.
Hasbro on the other hand, has grounds to sue third-parties for profiteering off their character & toy designs, but cant because they are produced in China. (and it isn't worth the expense to sue the people in America that are selling them... based on what one of the Hasbro people at BotCon was saying about the situation)