As opposed to the toys of your setting...
The LEGO video games, then Disney Infinity, and now Toy Soldiers: War Chest - games where the characters being toys is wholly or partly the point rather than games following the settings of the toys. In this case some WWI German toy soldiers led by the Kaiser, a magical sparkly princess with unicorns and flying castles, a fantasy Dark Lord with dragons and cannons and other cool stuff, and a military mecha toy line with a female main character (which would sadly never have happened in the real 80s toy scene... and probably not today #WeWantWidow ) face off against the Masters Of The Universe and G.I. Joe, and apparently two other licences as well. Given that these two already come from different toy companies this is pretty surprising, as well as leaving me feeling rather sorry for the fictional toy lines not getting to star in their own game.
Wargames using toys already exist, and toy-setting RPGs like Masters, but I think the closest to a game about playing toys is Puppetland, the nightmarish Tim Burton version of Toy Story.
And yes, I want real Phantom toys now. NOW.