Matt Mason wouldn't be allowed nowadays in his original form. Broken wire poked through the rubber within days, and the paint peeled off within hours. However, in its pristine state, it was a toy that promised unlimited possibilities. (Didn't keep that promise unfortunately.)
I really liked the toy in its day Kid, but your right about the wire. Once one broke Matt ended up in the bin.
Rubber was a brave move on Mattel's part considering how GI Joe and Barbie were plastic. My favourite space toys of my childhood, the Colorforms Outer Space Men, were made of rubber. I don't recall the wires coming through. Maybe they didn't have any like Matt. Not sure.