>>31587139After the crit, it has the same base power as Ice Beam, but with lower accuracy.
Ice Beam can inflict freeze, while Frost Breath cannot, and even though their functional base power is the same, Ice Beam's real power is higher because it can also crit on top of the normal damage.
Next, defence boosting isn't really a common strategy, since Toxic doesn't care how high your defence is.
Finally, it has terribad distribution, with literally nothing learning it except ice types which means even if a team decided it wanted it, the odds are solid that it doesn't have a pokemon who can learn it.
It occasionally sees use on an Anger Point meme team, but honestly a Beat Up+Justified team does the same thing but with a better receiving Pokemon.