this phallic herm is as much feminine as it is masculine; nay, even more strongly put, the essence of this image is feminine insofar as what is depicted here is Hermes emerging from the very source of life, from the four-sided base, from the four soul elements forming the world soul
Sardello argues that the herm’s phallic form is ontologically feminine in essence, signifying the emergence of soul from the world-soul’s four elemental ground rather than sexuality per se.
, Facing the World with Soul: The Reimagination of Modern Life, 1992thesis