It's exempted because Nerf guns aren't classified as imitations/replicas. That's why Hasbro can sell Nerf guns. CHUGUR gun Megatron transforms into a
Nerf Maverick.
Yes. Although more likely Hasbro would be made to recall the product, as happened in 1984-85 here (do you not remember this, or did you live in a place where the toy was never released at all?

). I remember seeing Megatron on shelves for a while and then it was recalled. There was even an article published about the recall in the newspaper because my mum told me about it. I knew a few people who managed to find Megatrons interstate after the NSW recall - one kid in my school did this and was the
only person I knew in the 1980s who owned a G1 Megatron toy.
Now this happened over 30 years ago when Customs weren't even looking for this toy (that didn't happen until 2007). Hasbro evidently managed to get their stock through and even distributed into stores until they had to do a product recall. I highly doubt that it would happen today. Hasbro's own legal department would most likely block the idea before it ever happened, and there have been quite a few other examples of potential ideas being blocked by Hasbro Legal. e.g. Hasbro was unable to release Brave Maximus in RiD2001 because that mould no longer complies with contemporary toy safety standards (it fails the drop test). This is also why Hasbro will never be able to reissue Fortress Maximus either. Heck, look at the blue and orange G1 Megatron in the graphic that I posted. A prototype was made (which is in the photo) but the toy itself was never put into production because it never made it past legal. Even with all that orange it still failed because the shape of the gun is still a Walther P38 - colour is irrelevant.