i'm late... lol... but i think fetish... not bound enough or cornered enough to really be horror...
your gorgeous model doesn't look terrified either, (she actually looks like she's enjoying the pose just as much as the picture being taken) so definitely fetish... (the hands, the hands say it all... hehehe)
I say horror, for the sole reason that my eyes can't see anything that is associated with a fetish. Maybe the fish net? Anybody can wear those, or maybe the surgeons cap around her mouth? I see it more as someone being tortured and that is the after shot of the scene.
Even the way she is curled up, it is telling me that something scary is happening or more likely happened.