Peter's point was that \textsuperscript ALREADY raises and shrinks the \textregistered, so there is no need for the ^, which makes the trademark symbol a DOUBLE superscript (too high). I've included an image showing the result of
\textregistered\ X\textsuperscript{\textregistered} $\textrm{X}^{\textsuperscript{\textregistered}}$
Note also that ^ is only defined in math mode, so unless your "Product^{\textsuperscript{\textregistered}}" is within math delimiters, then it would produce an error in TeX, and since MathJax only processes math-mode material, it would not be processed by MathJax at all.
You can get a similar effect by defining the following macros as part of your MathJax configuration
<script type="text/x-mathjax-config">
MathJax.Hub.Config({
TeX: {
Macros: {
textsuperscript: ["^{#1}",1]
}
}
});
</script>
See if that doesn't work for you.
Davide