Seriously? Yes, this exists, is licensed and for sale.
I don't know any kid growing up who wanted to roleplay as Battle Cat.
I know more adults than I'd like, however, who like dressing up as large plush animals and would be more than happy for a tanned blond in a pageboy haircut to "zap" them with their "power sword" before "riding" on their "back."
We love the guys at 80sTees.com, but I think they've either gone a little afield on this one...or know exactly who they're selling to and are cool with it.
From their description: "Be aware that this Battle Cat hoodie is so lifelike He-Man may mistakenly jump on your back if he sees you walking past!"