While Iwatani-san and his team were working on Puckman, Namco's engineers made a technological breakthrough: color. Previous videogames had all had single-color displays, with any "change" in the color coming from a cellophane overlay, like a colored gel in a stage light - shine a white light through a translucent red piece of plastic, and the light looks red. This was fine for coloring large, static sections of the screen, but useless for moving objects. However, while working on their Space Invaders knockoff Galaxian, Namco figured out how to make full-color sprites, which is why Pac-Man could be chased by different colored ghosts (they'd have been able to make the blue maze walls either way).
Actually, he's not chased by ghosts. You may call them ghosts, and they're visually identical to ghosts, but officially they're "monsters" - it's right there in the instructions! Allegedly the inspiration for the game came from a children's story about a creature that protected children from monsters by eating them, so "monsters" these are. This one is Blinky, aka "Shadow," which is less of a nickname and more of a descriptor of how he moves: in Japanese, he's Oikake, "Chaser," and of the four ghosts, he's the only one programmed to constantly target Pac's specific location (lacking complicated AI algorithms, each of the ghosts tries its best to get to a certain part of the screen in relation to the player), meaning he's constantly shadowing your moves.
For something that's "not" a ghost, Blinky sure looks a lot like a ghost. His body is a rounded lump with a few vertical wrinkles and a wavy lower edge. He has his hands raised in a threatening pose, while his eyes and mouth are simply black paint. He comes in an identical box to Pac-Man, because that's how this line works, but it feels like Funko missed an opportunity for a chase variant: imagine opening the box, and instead of a deep red Blinky, you got a "scared" blue ghost instead. That'd ruin the 1/12 ratio that all the figures have, though.