Yah, i think so too, i think the certain pieces such as the rig or the radio (kinda 1993-ish) are too advanced for such year of 1986. The guy is kinda a mix of Nam and a little bit modern era.I wouldn't say it's based off the rig in the picture you posted, as that's an AK Chicom rig, to my eyes anyway.
It can be tough to get an exact match to something made in a video game, but I did a quick search, found a couple things that may be useful.
E L37-11 1/6 scale action figure Modern military Chest Rig | eBay
ARMSHEAD 1/6 Scale Soldier Black Chest Rig Hanging F/12" Action Figure Body | eBay
There's quite the mish-mash of gear in the rendering, do you have any information about it, such as the source, or timeframe it's supposed to be set?
A lot of the gear on the belt seems to be 'Nam era, or similar, but the chest rig more modern.