It looks like something that may have been hand made. You might be able to do it by wrapping thread around small dowel rod then add the tinsel after that one more wrap of thread. Some type of spray (like a polyurethane) would be added to stiffen it up. Then tied over the hook.
If you look closely - it is not really uniform like you would expect from a machine made product. That's why I think it may be handmade.
I too would like to know if it catches fish. A marabou tail would be sweet.

At a second look - it was made on the hook. No way to slide it over the hook like that. A dowel rod could be placed beside the hook then the above method used. Slide the rod out and tie up at the end.