While running it as your commander limits your legendary options, you can still copy powerful abilities from legends like Ulamog, the Infinite Gyre
Its easier to pull off in EDH, where you have a slower format and plenty of ways to have a dedicated copy your own creatures deck
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Learn The Difference Between Play Value And Collector Value Some cards are valuable because they are strong in decks
Another issue is that Collected Company is one of the best ways to build devotion, but that further limits you to wanting to run creature based interaction
There are relatively few expensive spells that paying 4 to return one to the hand is not amazing most of the time as well although stopping something like a Titan from getting its come into play effect can be pretty huge