I never had this toy myself, but a friend brought it into class when we were allowed to bring in toys or games in the last few days before the summer holidays. Raving Bonkers Fighting Robots, made by Marx Toys Ltd, consisted of two plastic robots in a boxing ring. There were two sets of dual handles at each side and you pushed on the buttons on top with your thumbs to operate the punching arms of the robots. Yours and your opponents' robot would bash each other until you scored a point with an uppercut to the opponent robot's chin, which caused his head to crank up with a funny grinding sound. At least no-one got hurt.
It amuses me to think how easily amused we must have been back in the 70s, when you compare this to today's interactive multi-dimensional computer graphics etc! Today, the closest thing there is, is Rock 'Em Sock 'Em Robots by Mattel Toys.