Maybe the character tags are a bit much, but I'm pretty sure this is a direct reference to The Little Mermaid. There's multiple little details that parallel: the coloration of the mermaid's fish bits, the two flaps where they meet the human bits, the shape of the shell bikini, the cleavage-baring strapless black dress which blends seamlessly into tentacles, the shell pendant, and the overall attitude which positively radiates "you poor unfortunate soul". In isolation, any one of those could be a coincidence but collectively I find it's convincing.