Such a random thing to make xD But we can't control our muses!
I like it. It might have one purpose but it does that extremely well. With the add/remove tentacles feature you can probably make a quick game where you have to eat objects to gain tentacles and taking damage removes them.
Also it doesn't trigger my arachnophobia like the insect legs behavior. Haha!
Here's a random idea... Is it possible to make the tentacles grab onto Solids or maybe a set family of objects? This way the behavior can also be used for platformers to make it look like the octopus is climbing up the walls/ceiling.