Read about it here.

At first glance, I thought it was a close-up of a new figurine. Obviously it's a different design entirely, it just looks plastic. I like that its head is a return to the original trapezoidal pyramid shape, as opposed to the sharp peak of the films' version (and, consequently, the Bogeyman of HOMECOMING), though, as MrMeow mentioned, it'd be nice to not have a super-juiced version of Pyramid Head. It's supposed to be sort of weak-looking and burdened by its own head, not superhero ripped.
These also are clearly the bars Pyramid Head is first seen behind in Wood Side Apartments from the original SILENT HILL 2. (They also look like crab legs.) It'll be interesting to see how the apartments are tackled in the film. I'd guess this would also suggest Eddie will be introduced here as in the game.