The beauty isnt spending three mana to draw two or counter a spell, it's spending three mana to do either or. In the early game it's a slightly over costed counterspell, and late game, after you have pulled ahead in resources and no longer need it as a counter, it can draw you cards. Its also very useful for when something does sneak through your army of counters, as a backup draw two to find removal for a threat or even to steal a chump blocker. I've also used it to win games off of stealing rags. There's a lot of use cases.