Not sure, the costume reminds me of a jester. If I'd take a jab at it, here is the original transcription from Brüder Grimm:

"Im Jahr 1284 ließ sich zu Hameln ein wunderlicher Mann sehen. Er hatte einen Rock von vielfarbigem, bunten Tuch an, weshalben er Bundting soll geheißen haben, und gab sich für einen Rattenfänger aus…"[0][1]

"In the year 1284, a strange man appeared in Hameln. He had a skirt, made from differently colored fabrics, which is why his name was 'bundle(?)', pretending to be a rat catcher…"

[0] https://de.wikisource.org/wiki/Seite:Deutsche_Sagen_(Grimm)_... [1] https://de.wikisource.org/wiki/Seite:Deutsche_Sagen_(Grimm)_...

Someone needs to work on the wiki etymology.. (not saying it's wrong, just that there seems to be a story missing there that connects 1 & 2 :)

https://en.wiktionary.org/wiki/bunting#English