Photo courtesy of Basketbawful.
Here's my theory.
A few years back, a low-budget horror film about dolls coming to life (like the Child's Play series) was being shot in Phoenix. The guy in charge of movie props accidentally ordered far too many of one doll but noticed that the doll had a very slight resemblance to Steve Nash.
The guy contacted the Phoenix Suns organization, and they decided to create a lower-half to go along with the doll head, eventually giving it away as a Steve Nash bobblehead.
Just kidding. In reality, this is another bobblepop from the same people that made the Dirk Nowitzki version (per Basketbawful). But the idea that this bobblepop's face was originally a horror movie prop sounds more believable than the idea that someone was trying to make it look like Steve Nash, right?
Look at the head alone and you would never think that was supposed to be an NBA player. Not in a million years. How this was officially sanctioned merchandise, we may never know. Remember when I said that all bobbleheads were fun? Strike that. This thing is a nightmare.