Scientifically speaking it's one of the three most adorable things in ark, along with the otter and ovis, but it does have a practical use, they have an interesting expertise at detecting weather, I can't describe it to you in words so go watch shipwreckt's video on it. Otherwise it's not very useful, unless there are storms on Ragnarok with its next major update, it's adorable though!
DO NOT believe that this reduces weight on its inventory. As of today AUG 2020 I tested stacks of meats and berries etc, IT DOESNT. But instead it increases spoil timer of foods, meats and berries on its inventory. ⬆️ to prevent ppl from false informations!
The weight reduction does work. However the actual numerical weight of the items don't change. When placed in its inventory the weight looks the same. But when you pick it up after placing heavy items in its inventory look to see how much weight your actually carrying when it's on your shoulders. I promise you'll be happy