Even if you're just creating a couple of Moogles, doing this on an opponents turn and then laying out some very favorable blocks sounds absurd
I play Elves in three different formats (EDH, Pauper, & Modern) but have always been a little sad that theres no real support for Golgari Elves in EDH, because really I just wanted an excuse to loop Shaman of the Pack over and over again
There are also decks where you actually want artifacts in the graveyard for cards like Goblin Welder for which Thirst becomes one of the very best cards
While the card not doing anything when you cast it is a shame, you only need one turn with this thing to completely transform your board state
The more players at your table, the more you'll draw
It's much better than the 2/1 flying 3-drop as two more mana gives you +1/+3 in size, and in builds where that's reliable like aggro or Group Slug then it's a strong card