I don't rightly recall what the inspiration was, it was a little while ago. I can confirm I did not use a Street Shark toy as a model, as funny as that would've been. I can see the similarity though. And I have definitely used toys before.

This thing actually has a "second form" where it peels back the skin of the "face" that's why it's stretched out like a tent, and why it's eyes are painted on. It'll then reveal it's real head with its arms, which are attached the tongue.