It is more precisely a real-life Titanium Man (comic book enemy of Iron Man).
The US military (Special Ops) recently canceled an attempt to make real-life iron man exoskeleton armor with strength enhancement. They are looking to use components of the system to help boost the strength of joints and to increase light-weight armor protection for many soldiers.
The weapons if the military were to use this syste would be conventional guns, rifles, flame throwers, grenades and other weapons.
This would make an actual flying armored soldier more like the MCU (Marvel Cinematic Universe) Falcon or War Machine.
Nextbigfuture interviewed Richard Browning of Gravity Jet Packs last year. They have made flying the Jet Suit far easier to fly. There is adjustment of the thrust so that as fuel is used and the flyer is getting lighter the thrust is reduced so the arms can be kept in the same position. They were selling suits for $440,000 each.