Not to fact check... but here's a fact check. Note the reach and velocity is greater than the Lunar Hook.
I feel the Bat Hook specifically is in a perfectly fine place, its niche is that you get pulled in the fastest out of any other hook, and that's all fine and good. This specific hook can also
ONLY be obtained between October 20th - November 1st, less than two weeks out of the entire year. I think it's fine that this item is as strong as you say it is/it actually is. Keep in mind the Goodie Bags where it pops out from only have a
1/80 (1.25%) drop chance from mobs and that the Bat Hook has a
1/150 (0.67%) drop chance from the actual Goodie Bag.
If its
not Halloween, then you can use this thingy here:
Slightly less reach/velocity, but can be obtained in Pre-Hardmode extremely quickly with a Splunker Potion going from the Underworld up into the Jungle from below.
EDIT: Eh, I'd just say drop the Range of Bat Hook to 29 and we're peachy.