I'm completely with you, so far Dave, in what you say but there are so many unanswered questions here. First off, and putting aside the question of any pornographic/sexual connotation ('procreation' might be more relevant anyway) let's look at the object itself. It emphasises (starkly but not unusually) the female reproductive and nurturing organs. You'll find that statement made in most cultures sometime or other and throughout mankind's history - it ain't nothing new.

What is interesting is that this little lady has a ring from which to suspend her. Now, that suggests mobility (and it might equally have been worn by either a [mobile] man or a mobile woman). M'be it was an amulet carried from one place to another by a shaman or shaman-ness. M'be it was worn (as modern men and women wear symbols of their religion today) as a statement of their beliefs. Who knows. Let's try sticking to what we have though. And here we seem to have something that was worn and (consequently) perhaps moved around, as well as something that is demonstrating an interest in human fertility and (perhaps) procreation. Actually, you can see that sort of statement played out in most towns here in England most weekends.

I suspect not a great deal has changed in the underlying statement of 'Hey, look at me' since mankind first became aware of itself.