I Think....
....This design was a manifestation of the "Let's be DIFFERENT!" mentality that Panasonic got into from time to time back in the day. No one actually needed a Toot-a-Loop transistor radio you could wear on your wrist like a piece of Op/Pop jewelry, but Panasonic made it anyway.
They don't do that kind of stuff any more; too much Korean and Chinese competition that makes price, not uniqueness, a major driver. Too bad; a little giddiness is fun to see once in a while.