No, it's not really an official Taco Bell ad. It's a custom 'Successful Troll' Bellhedz standing over two of Kid Robot's stock pvcs.
Why was this made? Taco Bell's ad said "Urban Vinyl has Arrived" but it seems that the Bellhedz aren't even made of vinyl. Rather they have a hard ABS plastic head (that yes, looks like a breast or top of a male organ) and a solid pvc body. That's not real vinyl. However Kid Robot flew off the handle declaring war on Taco Bell with a "Death to False Vinyl" campaign, [link]
sitting across the street from where TB was handing out their Bellhedz and handing out free Kid Robot products.
So in honor of Kid Robot's ragefest I created the Bellhedz Troll. Taco Bell trolled the world of Urban Vinyl by creating Bellhedz. Kid Robot trolled Taco Bell across the street in response.
Successful Trolls are Successful!