Yeah, definitely looks like a mix of other Pokemon. It has Ditto's body, an Unown eye, and the zigzag pattern on the tail is similar to Pikachu and Mimikyu. Kind of a lazy design, but having a pure steel mythical pokemon is interesting.
I mean that's really nothing new. People have been comparing Pokemon with similar designs and concepts since the beginning; Milotic and Dragonair, Magikarp and Feebas, Luvdisc and Alomomola etc.