To me at least, the big problem is that it has no range. It's basically just a melee attack that you have to charge up. The thing about melee attacks is that typically they're up close, snappy, and quick with an option to back out quickly, but when you have to charge them it takes away that control and makes it feel clunky and annoying. This basically just means that trying to use it is more frustrating than its worth and it makes you way more prone to getting hit. Out of all that tails, it easily places first in the lack of range, something that every other tail (except rat) has. The rat tail still works since it has a unique way of attacking that while needing you to be close, acts more as a protective layer and works in its own way. Not all the enemies really work fighting close up, because some can usually hit you before the charge up animation is finished. The tanuki and shark are the best examples of this, you just don't really have a good time to attack them with the horse tail.
Also I understand not wanting to put anything in for the hump animations since it doesn't really need anything to be worth seeing. It's just that once you see them once, there's not really any incentive to see it ever again. You can go the whole game without seeing any of them except for the shark, like how on my first time playing I didn't see the instructions and just thought there was some other prerequisite for seeing them. It doesn't need anything else to make it worthwhile but it also could just be more than what it is. One way it could be is it could be a time limited chance to get either a new tail, a power up, or a health up, just some health, or nothing at all. Kinda like a luck of the draw. The caveat to that being that there's only so much time before they go away and that other enemies can hit you while humping. That could give a bit of risk-reward to it that doesn't necessarily make it overpowered but can help newcomers and incentivize the mechanic for those who have already seen the animation already. Of course that's just an idea that might not fit your vision of the game and regardless I still do like it as it is, just that I feel like it’s missing a bit of oomph.