It's such a huge problem that it's only brought up in the context of someone (probably) doing exactly what it's designed to prevent... By some miracle, this actually isn't used to outlaw satire or put Elvis impersonators out of work. It's used to prevent people from implying endorsement where none exists.
Actually, you probably can.[0]
[0] https://casetext.com/case/waits-v-frito-lay-inc
Edit: Added the context for the reply