It's a direct parody of HK: Hentai Kamen ("pervert masked (rider)")
For totally campy crazy parody films, HK is a "big" budget movie franchise. The machine translation is unfortunate, the Japanese title 変態パンティー仮面 is perfectly clear what's being parodied, inserting the katakana for "panty" between the kanji for "hentai" and "mask".
The wearing of panty on the head is a fairly common trick/prank/foolery/humiliation in Japanese culture (if not exactly a "tradition"), you see that quite frequently in JAV, e.g. in "r***ing in front of husband" genre, the r**ist often make the husband wear the wife's panty. It seems to carry special meaning unique to Japan, similar to writing insulting words on the face or body of a victim.
In case it needs explicit spelling out, the visual appearance of wearing the panty that way makes two huge eye holes, resembling the insectoid design of first generation Kamen Rider (Masked Rider).