As vaughnbros said, coastal piracy is way better and sees no play. Even edric, who is even better, has been very little played...
look man, the reason some cards are not played much, does not tell us a lot. I trust in the community and we can reflect a lot from all the meta games, but please don't think that we have found all of the possible most optimal decks and designs that could exist. On top of that, magic is such a dynamic game with it's meta game factor, there will only be very few cards that will continiously be played and survive the test of time. Sorry for my word choices, I mean no disrespect, I hope I made my point.
So I think the main reasons a certain card isn't used is that people have a certain choice of deck and own a certain set of cards. In order to build, for example a BUG, new list with new cards, there needs to be an economical investment, the player needs to dedicate time to tune it, and so on. And then he or she has to decide to take it to that tourney instead of maybe broken blue, or shop deck, or oath/dredge etc.
I understand that packing your power and jaces can be a more safe and solid choice, but that does not mean (at all) that it is the best choice. I find it strange that each time we evaluate a card, we quickly dismiss it and use some questionable criteria to give an assessment.
I have no clue how this card would do. Honestly. But I can share my experience with Mikaeus in GW beats packed with Hatebears. This card would refill your hand instantly. But the problem is indeed not this card, the problem might indeed be, like Psyburat stated, that there might be a lack of good creatures with counters. Or maybe, and I hope this is the case, a new brew is possible, listing all the options, and select the best out of them and see if there is any potential.
