Why - because I can, and it needs some sort of badging so rather than a cheesy (pick your replica brand) hood handle badge, I choose the P type. Presumably you have "Speedster" on your fender so a complete set of badges is no different in principle, just the degree.
I live in Thailand and to my knowledge there is only 1 Speedster in the country. Until now there have been no replicas, however in the Asian way my body has already been copied, but the locals are too cheap to badge it anyway. Since it is a matter of availibility, then the replica makes sense and why not make it a decent copy rather than a half harted attempt.
A lot of things here are badged as something else, in the belief that the badgee takes on the power of the original. For example there are loads of Hondas tarted up as Harleys, or Toyotas sporting 3 pointed star hood ornaments. They are what they are and should be enjoyed as such