I've never give this one a try, neither seen it on any table (as far as I remember). So the reasons I expose here are just an educated guess for why it doesn't see play, but it doesn't seem hard to find.
Low strength, low trace, dubious effect.
Why would the Corp spend money to dig through the stack only to choose one card to trash ? Ok, they can order the drawn cards as they want, but still.
Why would the Runner prefer to pay any instead of trashing one not-yet-drawn card ? Not confident enough in their deck ? And then, a not-very-frightening sentry stand on the table, that can be passed through with few threats.
And also, why, why, oh god WHY, does this dog appear on Emergency Shutdown ? Has Data Hound ever been the chosen ice for this ability ? If you have witnessed such a madness, or even made it, just tell us. We want to know.