That "stretchiness" is a bit of a different effect usually created by having a bunch of different objects that each follow the mouse at different speeds and sizes. Blake has created some similar examples:
Or this by Cassie:
In looking for those demos I also found this one by Blake that's more similar to the effect that the OP asked about:
Can i Get TypeScript version of this Code with React :
Rotate on Mouse
in GSAP
Posted