Sometimes the land bounce can be utility, but I imagine it won't most of the time. As a pure draw spell, there's a lot of stuff that draws 2 at 3 mana and feels stronger than this?
Abzan Charm, Artificer's Epiphany, Cerebral Vortex, Esper Charm, Pulse of the Grid, Succumb to Temptation, and sort-of-Thirst for Knowledge. Most of these have worse casting costs than Tragic Lesson, but not all.
That doesn't mean that Tragic Lesson is a dead end, but it DOES mean that it's less good at drawing cards than cards that are currently not played in the format.
That means that IF this card is playable, it HAS to be in a deck that uses "bounce a land" as upside, rather than a drawback. I wouldn't look at this card with anything that didn't have an explicit plan around that.
At 3 mana you can't really do the "bounced lands count as virtual land drops so run fewer lands" thing - you won't hit 3 mana enough.
Maybe try to run this with lots of looting effects? (Dack might clog you at 3 unfortunately, but JVP is a nice fit)
Replaying Academy is a cool trick for a deck loaded with artifacts, but it feels hard to make the case "I have a deck loaded with artifacts and I want a draw spell that costs 2U" and choose this over Thirst?
Fastbond gives this card no drawback and kind of reduces the cost by 1 mana if you're chaining spells, but "build your own Night's Whisper" doesn't feel good to me unless you were already playing Fastbond in your deck for other reasons, and I'm not sure what sort of deck right now would want a Fastbond, but I know there are more creative minds than mine out there.
"Save a land from Wasteland" is a nice bonus for sure, but you can't really build around that. You would never board this card in specifically to beat a shops deck - you're still down a land drop and it costs you a huge amount of mana. Using Gush to defend yourself from Wastelands out of Shops was never that exciting. It is a nice little extra that might come up if you were already running the card, though.
Any other ideas specifically to turn "bounce a land" from a drawback into an advantage? I think without solving that problem the card is a nonstarter.