It has been featured in competitive play, particularly due to its access to the ability Contrary, which inverts stat changes
It also works well in creature heavy decks where discarding a 2nd/3rd/4th copy of a creature is less vital than in a control oriented deck where there might be less redundancy
On the other hand there are multiple copies of the Black Lotus out there, albeit in varying conditions, and in theory that should keep valuations within a range of each other and count against gigantic spikes like this
Ionos Bellibolt ex SIR #183 ($53.28) Electric ex (270 HP, Thunderclap) 12% steady gains
Five damage is enough to kill almost anything, instant speed is important, and delve isnt hard to enable (especially when youve got cards like Winding Way)
At the time of writing, this sinister-looking card holds an average market value of $582.32 USD on TCGPlayer