I have two objections –
(1) It would appear to me – not a lawyer – that this could be breach of copyright or trade mark or somesuch.
But more importantly –
(2) It is horrifically shit. As a stand-alone design its alright, but nothing special. But it is not a stand-alone design. It is clearly a tribute to / shameless rip-off of one of the most iconic logos of all time. And in comparison it is not as good by a mile. It’s like covering ‘Satisfaction’ and playing the main riff on an out-of-tune acoustic – or simply not bothering with it at all.
I would be ashamed to walk down the street in that monstrousity.