Rock 'Em Sock 'Em Robots is an exciting two-player action toy from Mattel. Players control their robot in the ring and use the joysticks to punch their opponent's robot. The goal is to knock your opponent's robot's block off and be the last robot standing.
From Wikipedia
Rock 'Em Sock 'Em Robots is a two-player action toy and game designed by Marvin Glass and Associates, and first manufactured by the Louis Marx and Company toy company in 1964.