I’m sure the other posts linked will help but there’s one I did that showed the specific consequences.
Many IP holders have now taken to using AI to hunt for infringement. This means it doesn’t matter if the name is changed (which is only applicable to trademark), it will look for the likeness as well which is copyright infringement. They may send a cease and desist letter, but they can also choose to start fining without a warning. It’s not great. So best to just avoid it at all costs and create your own original designs.
It sucks because the ones who get the most views and sales are generally the ones who are infringing upon IP, but it’s not worth the possible losses that can come with it. Someone told me a story of a grandma who made Disney plushies to sell at a market and has since lost her home =/