The grey Toon Link's favored Bomb represents Bomberman, the main playable character of the titular series who attacks using bombs, who appears as the Assist Trophy enemy.
The stage represents the main setting of Wrecking Crew, which features maze-like levels with bombs similar to Bomberman.
The music track represents the musical theme of Bomb Man from Mega Man, who attacks by throwing bombs similar to Bomberman.
The Exploding type items and first battle condition reference the different bombs used in the Bomberman series, which can become more powerful through power-ups.
Other trivia:
This spirit's Grab type references how the Bomberman characters can carry multiple bombs with them.