It has a lot of gray spikes scattered all over the statue's body, with a mouth on the stomach with very sharp teeth, very thin arms, and eye stalks with fork-like shapes at the top.
Role in episode
After Mr. Krabs finds out that a competing restaurant, Sea Chicken Shack, has a giant statue for kids to play on, Mr. Krabs enlists the help of Squidward to make a sculpture of Mr. Krabs. This is the sculpture that Squidward makes. Mr. Krabs does not like the sculpture as it is too dangerous for children to play on.
The name is most likely a play on the words "mope" and "depression" (or "oppression").