If you're using a Yubico validation server (or the YubiCloud, the one that the default configuration is authenticating against), the first 12 characters are the public identity (essentially a username, if you will), while the remainder of the OTP is the actual one-time password. If you were to program a 40 character OTP, for example, the YubiCloud still assumes the first 12 characters are the public identity (when in fact, in this model, only the first 8 are).
If you're standing up your own server, I believe you can program it to where shorter OTPs are used, therefore shorter public identities as well, but that's outside of our model.
https://developers.yubico.com/OTP/OTPs_Explained.html