If pheromone elemental damage exists, I think pheromones should add pheromone elemental damage to teases rather than increase tease damage. However the effort needed to do it may not be worth it (or better spent elsewhere).
That's kind of what it does.
Lust damage comes in several
damage types. A random bonus up to your Pheromone Level is added to Tease attacks (Ass, Chest, Crotch, Hips and Tease weapons like the Bimbolium Emitter and the Slut Rays). This bonus is counted as Pheromone damage and thus interacts with Pheromone resistances/weaknesses. However, the bonus is not applied to other types of Lust damage attacks (like the Myr Venom Thrower or Royal Shard Bow, which are Drug.)
I'm not sure if Milk Squirt, Dick Slap and Myr Venom are Tease attacks with a Drug bonus, or Drug attacks (which would not benefit from Pheromones).