Nah I'm pretty sure every Chuck-E-Cheese had something nearly identical to this during the 1980s and '90s. They even went up in the air and only cost a nickel.
I am positive I saw this used in a fairly low budget 80s movie, but I can't remember which one. I'll be honest, I love it. There is a 0% chance my wife would let me bring it into the house even if I got it for free though.