I have done the Tote Swinger a few times. Not for a while though for the reasons you mention, very few others seem to like it. It seems to have little promotion now and probably didn’t get enough of a response when it was launched.
It could be quite a good bet if the frame of the race is right, but I suspect its easier to place or EW bet for most people. I’ve no idea how the divs stacked up, but presumably most people were disappointed or it would be more popular.
There’s a few potentially good Tote bets if you are selective, but the reality is that Tote dividends largely rely on the cash from the non-selective to build the pools.