With Expressive Iteration being in so many decks and reaching all 4 copies even in a format like Vintage, I hear a lot of players saying the card is too good in both Modern and Legacy, comparing it essentially to Treasure Cruise and Dig Through Time, which both formats have seen and banned
Since Glen Elendra Archmage is a creature, it's also much easier to retrieve from the graveyard than a typical counterspell, with any creature re-animation effect putting it and its threatening counterspell back into play
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It can protect a creature if you have 4 mana handy, and it can bounce something you want to recast for an ETB effect
The truth is, however, that local card shops have higher prices than online sellers
Single Combat may see situational play in decks that can capitalize on the temporary restriction it imposes, but it is not a staple card in most competitive decks