This is very creative, and exactly the kind of stuff I am hoping to see in a game jam. Aptly scoped and still out-of-the-box in a lot of senses. With the whole button mechanic to punch, the weight balancing, and the cohesive art+music (Ocarina of Time esque), I think it's a great submission.
Things that may use some improvement (some nitpicking too): took a while to get the hang of the red button (and the fact that I was supposed to press it - I was just ramming my bot into the enemy and winning for a bit), that could be explained a bit better. The controls could definitely be polished; this game, I think, needs an impeccable character controller.
Cheers! :)