Playing a bit with tikz, this is what I got:

\documentclass[margin=3pt]{standalone}

\usepackage{tikz}

\newcommand{\shrug}[1][]{%
\begin{tikzpicture}[baseline,x=0.8\ht\strutbox,y=0.8\ht\strutbox,line width=0.125ex,#1]
\def\arm{(-2.5,0.95) to (-2,0.95) (-1.9,1) to (-1.5,0) (-1.35,0) to (-0.8,0)};
\draw \arm;
\draw[xscale=-1] \arm;
\def\headpart{(0.6,0) arc[start angle=-40, end angle=40,x radius=0.6,y radius=0.8]};
\draw \headpart;
\draw[xscale=-1] \headpart;
\def\eye{(-0.075,0.15) .. controls (0.02,0) .. (0.075,-0.15)};
\draw[shift={(-0.3,0.8)}] \eye;
\draw[shift={(0,0.85)}] \eye;
% draw mouth
\draw (-0.1,0.2) to [out=15,in=-100] (0.4,0.95); 
\end{tikzpicture}}

\begin{document}
Well, \shrug\ or maybe \shrug[x=1ex,y=1ex,blue]?
{\Huge or a huge \shrug}
\end{document}