The orange Shulk represents Ryota Hayami, a playable character from Wave Race who wears an orange vest and features a brown, messy hairstyle.
The stage and music track represent the race courses featured in Wave Race which takes place on an oceanic shoreline guided by buoys.
The Buoyancy Reduced rule references how each player uses their personal jet skis to float in the water and race across the seas.
The Slippery Stage rules reference the jet skiing gameplay mechanic of Wave Race, which sometimes feature uncontrollable sliding turns.
Other trivia:
This spirit's Swimmer ability references how the jet skis enable their racers to travel across the water.
In World of Light, the Ryota Hayami spirit is located at the shores of the eastern island area in the Light Realm, similar to the stage's shoreline setting.