It's a fascinating time in the Marvel Cinematic Universe. Avengers: Endgame has been in theaters for weeks, and is making a ton of money in the process. The Russo Brothers crafted a blockbuster that was intimately connected to the preceding 21 movies, and it exceeded any fan expectations or theories. But there's still one more installment in left in Phase Three-- Spider-Man: Far From Home, which will pick up the narrative following Thanos' defeat.
Spider-Man: Far From Home has a ton of pressure associated with it, as the generations of Marvel fans will use the upcoming sequel will see the post-Endgame world through Peter's perspective. The movie will also introduce the multiverse through Jake Gyllenhaal's Mysterio, who is surprisingly not being advertised as a villain, but an ally. And looks like his suit was directly influenced by Marvel greats, as costume designer Michael Mooney explained during the Far From Home set visit that CinemaBlend's Sean O'Connell attended:
There was references to try to keep it in the Marvel world. So we’re going to get influences from Thor and from Iron Man — we had some Black Panther in there. Just to keep it all in the same realm, to say, ‘this little superhero lives in the same world with the rest.’
The Marvel Cinematic Universe has a very specific look about it, as costume designers adapt comic book outfits for a more realistic world. While characters like Iron Man and Spider-Man are direct adaptations, making suits for villains and other MCU characters can be a bit of a challenge.
From what we've seen in the brief Spider-Man: Far From Home trailers, Michael Mooney's comments to Sean O'Connell and the rest of the press at the film's set visit certainly hold up. While Mysterio seemingly gets his powers from magic, his suit bears quite the resemblance to one of Tony Stark's Iron Man armor. The cape is no doubt influenced by Thor's appearance, while Black Panther will likely factor in through different technological abilities. Although what the suit is capable of remains to be seen.
Overall, it's clear that we should expect the unexpected when it comes to Jake Gyllenhaal's Mysterio. From the moment he appeared in the film's first trailer, it was clear that it was not the Mysterio fans know from the comics. He is shown fighting off the film's elemental villains, and is far more powerful than the illusionist and hypnotist that Quentin Beck typically is on the page. Add in the high concept of the multiverse, and we should expect Marvel Studios to keep the fans guessing once again.