This is called the "High Volume" backpack.
The title is a little confusing because high volume can mean a big amount of things you can store in it (no) or the loudness of a sound (also no), instead it's just a slogan. You can see it written there at an angle in blue near the top. The background of the bag is rectangle panels with line art in them, and a bunch of words in Japanese gray lettering. It's sure to be Sonic's name, but there are clearly other words too. It has blue zipper pulls, blue trim, 2 side pockets & an angled smaller/back pocket. The Sonic design is running-forward CG Sonic and he is covered by that cool high gloss plastic stuff that is difficult to photograph. This is a neat, kind of tech/urban look school bag.
What's unusual about it, is that it has 'Japan styling' but it is a Target item. Usually, Target doesn't stock/choose that style of goods. It is a winter 2021 item and it is a 16 inch pack.