The black Captain Falcon represents Ryuji Sakamoto as the Phantom Thief, Skull, who wears a black leather jacket.
The Giant Mii Gunner minion's Pirate Hat and Steampunk Getup represents Captain Kidd, a giant pirate captain who serves as Ryuji's main Persona.
The stage represents the exterior of Suguru Kamoshida's Palace, the location in Persona 5 featuring a castle-like setting where Joker and Ryuji first awaken their Personas.
Captain Falcon starting off with a Home-Run Bat references Skull's usage of bludgeoning weapons as his melee weapon in battle.
Other trivia:
This spirit's Shield type references Ryuji's high Endurance stats in Persona 5.
This spirit's Battering Items Power ↑ ability references Skull's usage of bludgeoning weapons in battle.
