Vintage Care Bears Blanket Quilt Homemade Pattern Vibrant Rainbow Trail

From what I understand, this image is from a fabric that was commonly homemade into blankets and quilts. Sometimes wall hangings. I’m unclear if this one had a particular purpose but there are some strategic holes. See photos. Approx 32x40” Vintage from around 2002 Light staining on top and some more major stains on the back.