It's is a promotional VHS from 1989. I actually remember watching parts of it in Toys 'R US, displayed with the TurboGrafx-16 behind the glass where they showed displayed all the consoles of the day.
Whatever that shmup is, it would have obviously had to have been released in Japan sometime between 1987 and 1989.
Well, I don't think it's a bad game, at least. It was the first game I made a 1LC video of, of the first loop. This happened back in 2005 or thereabouts and I haven't played the game since, so many of the specifics have long since been forgotten. But if you like horis with environmental hazards and at times really quirky enemy design, you'll probably get some enjoyment out of it.
No matter how good a game is, somebody will always hate it. No matter how bad a game is, somebody will always love it.
Oh wow, I can't believe I didn't realize it was Heavy Unit. I am familiar with it, but obviously not enough.
I played Heavy Unit for Mega Drive, and the PCE versions a really long time ago, probably in 2000. In more recent years I tried the arcade version once it had been emulated in MAME.