A player at 200 life with an empty library is dead the moment they draw
After all, its not like we have cards that casually give all your creatures every creature type Oh wait we do: [[Maskwood Nexus]], [[Conspiracy]], [[Arcane Adaptation]] just to name a few
It was spout there because of its unique and powerful abilities, ones that let it dominate other creatures in the days when damage still used the stack
Its auto-win with infinite life combos, plus there are some funny plays that involve animating it, giving it lifelink, and going to town on anything in sight
Shagrat, Loot Bearer FromTheShire: I can't recall ever seeing a Rakdos Equipment deck, so getting something to effectively support a new archetype is really cool
This creates a nice half-step between the banned list and showing up everywhere