It's supposed to be his first apperance in comics when he looked like a giant orange gumby. Which by the way would make an excellant bust Randy... (hint hint)...
The Ultron looks like they recycled the 6" figure from their Vault series so many years ago (included Stegron and Typhoid Mary, I believe). I don't know where they found the inspiration... it must be a more modern look that I've never seen. Blah.