That's not actually a skeleton per se. Skullomania is a tokusatsu fan who wears a skeleton costume to hide his identity while he fights for JUSTICE. The red scarf he is sometimes drawn as wearing is an homage to other heroes of justice including Akakage, Kamen Rider, and so on.
Oh my god....in the late 90s a friend of mine had a hacked PSX (well, not really hacked..he just had one of those goldfinger things that let you play region free games) and we played the crap out of this game even though it wasn't very good. SKULLOCRUSHA still rings in my head.
That and the guy wearing the gas mask whose special move is that he tosses a grenade at the opponent while saying EXPROSIVE.