First time this effect has been printed at 1 mana cost, and we all know how good 1 mana cards are. You can see at its ceiling it has greater impact than Bolt/Path to Exile and sometimes it has double or triple the impact when you're talking about interaction in a Planeswalker based format. If your opponent has 2 walkers and both players have a creature, this for 1 mana destroys two walkers. If you use it conjunction with sacrifice effects such as Cabal Therapy it just gets so much better. It could be up to a 1 for 5. (their creature, a card from their hand, two planeswalkers, and a Young Pyro elemental token)
There aren't too many 1 mana cards even capable of producing the same output. It is "Change of Heart". It is a ban worthy effect in most TCGs.
The fact it doesnt steal creatures greater than three is a limitation and that probably makes it more limited unplayable than the hyper efficient constructed formats that are choke full of amazing 2 and 3 cmc creatures.
I hear what you’re saying about complicated combo lines being exhilarating to pilot but there’s nothing complicated about the recent abominations of PO and KarnForge. It’s a very straight forward process of playing your unrestricted mana sources and your 4 mana bomb. The combo decks that actually reward skill are composed mostly of restricted cards - requires the pilot to navigate a plethora of situations rather than just go through the motions of a repetitive play pattern. A vintage deck of 60 singletons is still able to win on turn one, but it’s just not so easy as playing your three moxes and casting PO. Or Shop->Monolith->Key. That sequence is so boring that people just weren’t even playing the deck anymore.