You always have a grounding connection between equipotential bonding lug/motor enclosure on the motor and the panel but it's usually inside the raceway and it's classified as an equipment grounding conductor. . If the bond at the motor doesn't exist, then 680.26(B)(6)(a) requires the equipotential bonding to be extended and that must be a #8 or larger. . If a bonding lug at the motor exists, that's where the equipotential bonding ends. . From that point on is equipment grounding off T250.122.
As long as the pool motor breaker isn't larger than 20amp, I don't see any reason that the #12 would be an issue. . Since it's additional and not required, I don't see that physical protection of the exposed #12 would be an issue. . But maybe I'm wrong about that. . Installations that are required or voluntary must all comply with the applicable code sections.
If the motor gets replaced with a double-insulated replacement, at that time the voluntary/supplemental #12 equipment grounding conductor would become a required extension of the equipotential bonding and would need to be changed to a #8 or larger.