What I read about the bear(s) in several stories made me feel it could be important, but on some other sources it was emphatically stated that the bear found on JBR's second bed, which the Ramseys did not recognize, was "proved" to be a prize from a recent pageant, and could be seen in video of the pageant (though not JBR holding it).
However the mystery remains, because the photo of a similar bear either behind or being held by Karr as a child, which was sent to Tracey, has not been published yet. We cannot compare and see if they look identical.
I was not aware that Hunter put out a search for the JBR bear this week and has the answer. The last I read was that even though they knew it was a pageant prize, it disappeared and no one had it. Presumably then someone in the family or a friend did have it when Hunter put out the request for it.
The question is (regardless of the pageant prize explanation) whether Karr's childhood bear is related to the crime, looks the same, or is the same bear i.e. he brought it with him. I had not heard the part about the paw being cut off, and once having a heart on it. When and if we see the old photo of Karr and his bear it might clear up the confusion or it might not, if it does look identical.
On a site by someone named Ruth there is a big discussion about the clasp on the bear's waist being identical to one of JBR's earrings, one of which was found in the street in front of the house after the murder, and there is a picture showing her wearing the earrings. I don't see the simlarity in the clasp and the earring though. This is kind of a strange site with many pages of theories that to me are kind of off the wall, though it also has worthwhile probing discussion of various aspects of the case.