They call the 'hair calf' (another name for it) 'pony skin' becuase it used to be pony skin. A hundred years or so ago, before people became sensitized to such things, real pony skin was used. Now its just the name for the material.
I used to have a pony skin bag that I loved. I sold it when I stopped using it often enough to warrant the expense. It does 'wear' but only where it gets rubbed, just the way leather or fabric wears.
I currently have a python bag that I really love. I'm attaching a photo. I just find that its a busy enough pattern that I have to be careful with the rest of my wardrobe so I don't look like an eye test pattern!