Then, it can bring itself back by tributing a level one monster on the field
Thats going to end up in actual losses not just for WotC (boohoo), but likely for your LGS as well
Modern Limited Releases: Focus on cards with documented production limits like Charizard 151 (20k units) or Shiny Charizard VMAX (Champion's Path, 2020)
Lots of instants mitigates this since you can cast them in response to the trigger, but then you have fewer cards in hand
I don't think it's anything close to being a staple in the vast majority of decks, but it just needs a lot of testing to see which decks benefit from it and, more importantly, how to use it and play against it in those decks
This opens the door for Commander damage wins, if you want to go down a pseudo-Voltron route