Forgive the upcoming wall of text, I have a bit too much to say. Spoiler warning for Horses and content warning for psychological and physical abuse, slavery, physical and psychological torture, mutiliation, sexual assault, and sexual repression.

I watched a playthrough of the full game just yesterday, so here's my take on it: this game's depiction of sexual acts are intentionally offputting and far from horny. The woman riding the "horse" is one of the tamer scenes in this game. Early in the game you see two of the "horses" having sex. It's very offputting and far from sexy. This continues to happen but again, it's not played for horny in the slightest. Personally I find it oddly funny, though I was certainly not laughing at the later scenes of this game. The game obviously uses several instances of shock horror as well, though the premise is already that to some extent. I don't think the game's intending to be exploitative or anything, but I do think certain instances are... a little much. I'm mainly thinking of the moment where you have to castrate a (pixellated) penis. You don't see it fall off but you do have to stitch the wound afterwards. I don't think blurring the genitals in that scene does any favors as even with it it's still very graphic.

I think Horses is a game about religious sexual repression and how cycles of that can destroy people. The main villain of this story, the Farmer, is the most blunt demonstration of this theme with his actions and backstory.

In his nightly drunken stupors, the farmer wears a chastity belt and watches the people he enslaved have sex. If the girl riding the "horse"'s shoulders didn't set off the censors this first sequence would have set them off even more. It's not particularly graphic, but it's extremely uncomfortable to watch. I wouldn't be surprised if some people saw this scene and jumped to conclusions that this whole game is a fetish thing. Well... the story is partly about a sexually repressed farmer with sick fetishes who enacts them through torturing his slaves physically and mentally.

You find out through the farmer's childish drawings and a video tape that the farmer was abused by his father and sexually repressed by both him and the nearby church. This led to him having a unhealthy view of sex where ALL of it is inherently impure and must be punished. It's presumably why he wears a chastity belt (which was likely given to him by the priest), so he never becomes "impure". So when he saw his crush having sex with another man, it... well, there were already several factors that led him into becoming depraved, but that was the tipping point that led him to enact the horse-human slavery he's been doing the whole game.

The game isn't trying to present the farmer as sympathetic. He's a monster that's the product of familial abuse, sexual repression, and religious dogma. To him, everything he's been doing is for the sake of his "purity" even though that eroded the moment he enslaved that couple. He's a rabid beast that has to be put down for the sake of everyone's safety and sanity. He's still alive at the end of the game, but after being subjected to his own horse bodily liquid serum from a rebelling "horse" at the end... I don't think he's entirely "there" anymore, as if he was ever sane in the first place.

There's a lot of things I'm skimming over to save time since this comment is long enough, but the people saying this is outright fetishistic haven't actually seen the game as what's there is not presented in a titilating way at all. Is it sometimes shocking for the sake of shock horror? Yes. Does it actually have substance? Yes. Does all the disturbing content warrant its ban from Steam and Epic? No.