Isn't it a reference to Baki, too? You know, that scene where Yuujirou "fights" against Mohammed Ali Jr.
I don’t think the image is similar enough to that scene. But what you mentioned derives from the 1976 Ali-Inoki fight, which has a closer resemblance to this image. Not a reference to Baki itself, but I guess both works take inspiration from the same real life fight.
