This game has unused modes / minigames.
Blaster Kracker Racer is basically a Famiclone in the shape of an Xbox 360 controller. The multiple name changes were likely due to potential trademark infringements, though the instruction sheet of all releases still says "Power Blaster".
THE GREATEST GAME MACHINE IN THE PLANET!
By unscrewing the screw shown in the picture (where the screwdriver is pointing), you'll access an alternate menu with red text. Unlike the normal menu, you can change pages by pressing Left/Right rather than B/RB. The downside is that there are only three games (JUMPING KID, ISLAND, and ICE OCEAN) and it just repeats. To get back to the normal menu, screw the screw back in. (Make sure the console is OFF when screwing/unscrewing the screw.)
This was likely done to hide the console's copyright-infringing nature from authorities - the three games featured on the alternate menu are Chinese originals developed by Nice Code, and therefore with the screw missing it could pass as a legitimate (if crappy) plug-and-play system.