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Perhaps I'm slow, but perhaps I'm not.
I believe I figured out WHAT purpose the bellybutton hole blaster has, its simply to quickly retrofit a new crotch guard to soundwave rather than remold the whole section.
It wouldn't surprise me if its glued in there although from pic related it looks kinda sealed in, its the fact it looks like the front is still a separate section to the main bulge of the crotch.
The option for retooling is nice but it leaves a hole in the figure, one that could only be thought of as a homage to the rubsign