Normally you'll be pushed back after a few tries (at least with the silly dashing loop I usually see) in the corner and miss, so, you'll probably only get 10-12 bites assuming it's done from all the way left, to all the way right. Also, to add to the fun gimmicks... If 6HS counter hits, you can combo into the bites easily because of the forward motion on the move. The best part of it all is, if you're slow at mashing, they could probably do something like bite loop to 12 hits, pilebunker, rc pilebunker and dizzy the opponent for an IK.
Also, as for the broken comment, half of the cast in #r has some form of fun loop to abuse. Slayer just has one that he doesn't need to fight tooth and nail for.
But, think of it this way... While Slayer can bite twelve times for half health... Robo-Ky can command grab once, RC, 5S, Horsie for 190-ish damage, or command grab, RC, 5HS FRC, combo/air combo from there depending on location.
As Stormlocke said above... R-Ky's command throw hardly prorates damage at all. Slayer's takes off a chunk of guard bar a piece, meaning he has to hope for a dizzy to get the *big* pain out.
Also uh... Mass punches super is pretty silly overall. It's got little priority (most characters punch or kick can beat it) and eats up 50% of your tension that could otherwise be used for missile zoning and his easy 5HS FRC.
Heck, since 2K -> 6HS is half of my attack strings, 5HS is even more fun, since it'll combo a long time after a Lv2 6HS, giving you time to confirm the hit beforehand, and then go into 6P on a successful hit confirm for around 122 damage.
Just to be a jackass:
Robo-Ky data
Google translated version of data page
Might be useful, if you can understand google's Japglish or read it yourself.