The black Sonic represents Rayman, the main playable character of the titular side-scrolling game series who wears white gloves, sneakers, and features a unified eye design.
The stage and music track represent the early cavernous levels in the Rayman series, which features side-scrolling levels and a running gameplay mechanic.
The Sukapon Assist Trophy enemy references Rayman's body design, who features a disembodied head and extremities orbiting around a floating torso.
Sonic's frequent forward smash attack and the first battle condition reference the telescopic fist, the first power-up used by Rayman where he performs a powerful wind-up punch attack.
Other trivia:
This spirit's Jump ↑ ability references the jumping gameplay mechanic of the Rayman series.
In World of Light, the Rayman spirit is located at the mine shaft entrance at the jungle area in the Light Realm, similar to the stage's underground setting.