Yes, it really is what it looks like. Half modernized velocipede, half strider bike and half that thing South Park’s Mr. Garrison built in the episode where everyone hated the airlines.
The funniest thing is that the eBay listing uses almost the exact same ad copy that was used to sell velocipedes in the early 1800’s.
OK, the actual funniest thing is that the requested opening bid for this thing is $900. Though the shipping is only $50 because it breaks down into a carrying case.
So far, no bids.