Not seeing anyone talking about the story behind this picture: this is part of a collection of Capcom themed unlockable EX Battle Costumes, which they'll be drip feeding as limited time events. The dataminers that leaked the Season Two roster and other SFV Arcade Edition content like second VTs and arcade modes, found a whole heap of data for these costumes:
Spoiler, click to toggle visibilty
Viewtiful Joe outfit for Rashid
Morrigan costume for Chun Li
Ingrid costume for Karin
Megaman Ryu
Jin Saotome Ryu
Captain Commando Guile
Dante Ken
Donovan Urien
Felicia Menat
Vergil Ed
Jill Cammy
Other characters spotted: Asura, Nemesis, Tabasa, Phoenix Wright, Wesker, Frank West, Soki, Zero, Tron Bonne, Roll, whole bunch of other Megamans I don't know, Ada Wong, Regina, BB Hood, Nero, Whatsername from Remember Me, Yukimura, Hayato,, Trish, Talbain, Gene, Claire, Ed Falcon, a couple of Cap Commando's team
There's gonna be at least someone you'll be hype for in there.