There are 17 species in the genus Grimpoteuthis, or “Dumbo octopus”, and you can see where the name comes from in the short video below. It was just posted a few days ago (this species is in the deep ocean), and here are the YouTube notes:
Our Corps of Exploration spotted this absolutely adorable pale orange dumbo octopus surrounded by marine snow around 1,400 meters deep while diving on the summit of “Guyot 10” in the waters of the Pacific Remote Islands. Don’t let its Disney-like appearance fool you; these octopuses (Grimpoteuthis spp) are actually predators! They propel themselves through the water using those famous ear-shaped fins to find food, then gobble their prey up whole, feasting on a plethora of deep sea critters such as copepods, isopods, bristle worms, and amphipods. Learn more about this expedition funded by NOAA Ocean Exploration via the Ocean Exploration Cooperative Institute:
And from Wikipedia:
The name “dumbo” originates from their resemblance to the title character of Disney‘s 1941 film Dumbo, having a prominent ear-like fin which extends from the mantle above each eye. There are 17 species recognized in the genus. Prey include crustaceans, bivalves, worms and copepods. The average life span of various Grimpoteuthis species is 3 to 5 years.
Here’s a shot of Dumbo (who could fly with his ears) from the original movie, and I’ve put the trailer below it”