It's cute!
It reminds me a little of Victor Paredes' 'Woolbuddy' commercial. You might want to study the behind-the-scenes video he made:
Woolbuddy Rigs - Created with Moho (Anime Studio)
One of his really cool tricks is sliding the textures inside the limbs while they move...this creates an amazingly credible illusion of 3D. Some of Victor's ideas in this video became the foundation for how I built and animated the
Puss In Boots rig for the Puss In Book interactive episode.
I agree with Jahnocli, you should try Sketch Bones for the tentacles. You'll get much smoother bends and it will be easier/faster to animate. It's what I use all the time for tails, 'noodle' limbs and, yes, tentacles.
But before you do that, try expanding the bone strengths in the bones you have now. This may soften the bends so it doesn't look too 'jointed'. (Also, be sure to use Use Selected Bones For Flexi-binding for each limb, if you're not already doing so.)
Good luck!