Before there was The Transformers, there was Diaclone! The toy that would become Shrapnel was originally known as Waruder Kuwagatrer, and converted into a robotic stag beetle.
E-Hobby released versions of the 3 main Insecticon characters in their Diaclone toy colors in 2004, so what better way to repaint Shrapnel than back to… his… original colors?
The history of Transformers is weird, you guys.
The Transformers, Shrapnel, Insecticons, and all related characters and concepts are owned by TakaraTomy and Hasbro.