Now that I saw what it was it doesn't seem like a big issue. The school has the right to prohibit these (and is right to ban things that look like weapons). A suspension is a bit much, but it doesn't deserve an outcry considering unfair punishments are quite common overall.
A public school shouldn't be able to say "No bubble guns" or "No Lego creations which may look like a gun if you squint." Now, a toy that looks like a gun? Quite frankly, I think things like that can only be specific enough at the local level.
