It's one of the few anaesthetics that doesn't cause respiratory depression, overdosing is practically impossible, and it's also injected intra-muscularly, rather than intravenously, making it easy to apply in the dark and underwater by an untrained person.
These factors are also why it was used extensively in the Vietnam war for battlefield surgery.
Interesting that, as usual, the media has labelled it as "horse tranquilliser". It's used more extensively on humans than on animals, and is used on all different mammals, not just horses.