This is one of the Ogoh-ogoh, the demoniac statues that take part in the Bhuta Yajna Ritual the day before Nyepi. Around midnight the paper statues are burnt on the beach.
If you have the chance to be in Bali during Nyepi, I recommend you stay. You will not be able to leave your hotel for 24 hours, but this the best day to see how Balinese have been able to preserve their traditions, and to see how alive Hindu rituals are today.