By countering one's own 0-mana spell, the card allows the controller to draw out powerful cards ahead of the curve
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The card itself is also quite underwhelming, which definitely detracts from the appeal
Its card to cast at three colors, so it needs the right deck, but hitting right away (and hitting a battle!) gets you a card back right away
A card which is extremely good in one of those formats and dominated still has to carry over here, and not all cards do
Two mana is more than youd usually want for a bogle card, but being unblockable makes up for that