nemesit

It should be just as easy to breed a perfect horse as it is to get a other things in the game e.g. diamonds or horse armor etc. Horses die fast and if a breeder wants to have a perfect horse of every color he is still going to waste a lot of time on breeding. Exploring the map is also far more enjoyable on a fast horse than it would be when traveling in order to find a fast horse.

I Think a better approach would be to make breeding always exceed the parent no matter how small the stat improvement is, even if its 0.0001 or something it would still be better because that way no one would have to use some kind of nbt editor to see the stats, which is currently mandatory.
Without seeing the stats its currently impossible to actually breed really good horses as the improvements cannot be measured in game e.g the difference between 0.82 or 0.83 in jump strength.

@Andrew Anthony maybe you didn't notice....you >>> cannot <<< use wheat to breed horses only golden apples, golden carrots

As it is now its easier/cheaper/faster to just go into a plains biome and find the best horse instead of wasting time/resources on breeding

I Agree the formula might be correct but the chance of getting a better horse out of two parents is really really low ingame, takes about (1 to 7)/64 to get a single heart more not taking into account that one might want the other 2 stats to increase at well.