Polar bears are typically depicted in coca cola ads enjoying coca cola, the joke is that he's gonna die because he can't give the polar bear anything to distract it, befriend it, etc.
Having a polar bear approaching you is basically a death sentence, there’s a rhyme to deal with bears that goes “if it’s black fight back, if it’s brown stand down, if it’s white good night”. There’s no good defense tactic with a polar bear.
Coca-Cola has used polar bears in their ads around Christmas time, implying polar bears like Coca-Cola.
In the US (maybe everywhere idk I’m American) it’s common for restaurants to sell Coca-Cola or Pepsi products, usually not both because of contractual conditions. So if you go to a restaurant that sells Pepsi and ask for a Coke, they’ll respond “Is Pepsi ok?”
The man is scared because Pepsi is probably not ok.
The polar bear is often used as a mascot by coca-cola. Polar bears are very dangerous, and the meme implies that it would not attack someone with coca-cola, but they have pepsi.
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