There have been a few mentions of Cartoon Action Hour in the past. It is an rpg designed around 80s action cartoons like GI Joe, He-Man, Thundercats, and Transformers. It includes a sample setting Warriors of the Cosmos which is obviously designed to resemble He-Man. I've always liked the game. They are currently doing a kickstarter for season 3. If you join at collaborator level you can create your own series to be published in pdf form.

I've seen some conversions of He-Man characters to CAH. Unfortunately no one has ever produced a complete conversion to my knowledge.

Masters of the Universe can certainly be done in other systems. I've often thought D&D 4E would be a good system given the unique powers of everything. But CAH really manages to capture the feel of the 80s cartoons.

Spectrum Games has reduced the amount needed for the Complete Guide to the Warriors of the Cosmos stretch goal. While the goal hasn't been reached yet, I think it is likely to be achieved. If you are wondering what the game plays like there is a free playset for the second season. The new one should be very similar.