While its better known as an interaction spell, stapling any amount of mana acceleration to a 2 mana counter is ridiculously efficient, and there are only a handful of counterspells in the game that would be considered better even after 30 years
You need to transform it into The Great Work and have it survive to the third chapter to get the card advantage, but crossing that threshold puts you in a fantastic position to win the game
She also has a sorcery speed ability that allows her to waterbend X to give creatures you control a base power and toughness of X/X
By the way, similar cards already existed with Truce and Temporary Truce, which got a lot of multiplayer play during their heyday - although there you could trade cards drawn for life gain if you were about to die and needed to come back
The most usual way to build an Atraxa deck is with lots of planeswalkers, but you can play creatures with +1/+1 counters, charge counter artifacts, and much more
Thorough Investigation Clue tokens are another major source of delayed gratification card draw in white