I know something similar exists, but it's a lot more expensive, because rugs, even cheaply made ones, are done on a loom. A design needs to be made, and then plotted, and then either fed into a program the machine that does the looming can read, or into a pattern the (human)weaver can read. From the decorating shows I watch, this seems to strike me as something which costs in the £1,000 to several £1,000 range.

You could, perhaps, get a small-weave sisal rug, a projector, and some paint, in order to make a painted rather than weaved one yourself.