The timing is significant, especially when one takes a look at the figure itself, because Mike Power was a response to (or was in anticipation of) Kenner's soon-to-be-very-successful Six Million Dollar Man action figure. In fact, Power is nearly a clone of the Steve Austin figure: both are of roughly the same size; both have robotic parts limbs (right arm and left leg, too); and both have a super-powered eye: in Mike Powers's case, it's his 'atomic flashing' eye.
Naturally, Hasbro couldn't use the word BIONIC because it had been pretty much trademarked by the company that produced the Six Million Dollar Man TV series; so, they went with another pop-culture superhero concept, and implied that their new figure's robotic body parts ran on clean, safe atomic energy.
Mike Power, Atomic Man came wearing a camouflage jacket and shorts, with two of his limbs showing robotic construction, and with a flashing eye mechanism. It also came packaged with a folding helicopter rotor which the figure could hold in one hand and rotate (manually, on the part of the child).
Mike Power, Atomic Man came first in a slim vertical box, then later on a blister card (shown at right). About one million sets of the figure were sold in 1975.