When I see discarded plush toys they always seem to tell a story to me. Sometimes (funny?) "horror-stories": like in https://www.photrio.com/forum/media/dead-kermit.42934/ and sometimes sad stories like in this case.
Aw. Poor Teddy! Surely there'd be another child who'd love him? There are schemes for donating old toys to disadvantaged kids. (I confess that at my age I still have my Teddy Bear and Panda).
It may be that he found a new home soon - at least he wasn't there anymore when I drove back a few hours later (I took the image in the early morning - always important to take the image when you see it...).