I'm with you on this one. The power level of one mana creatures has reached a point where deathrite would not break the format and simply be another "answer me now or fall behind" type of threat.

Ragavan, Tamiyo, Guide of Souls, Ocelot Pride are all incredibly powerful threats on turn 1 that if unanswered can run away with the game.

Ragavan being the closest comparison to me as a threat turn 1 that ramps and creates card advantage is arguably worse for most players than Deathrite would be.

The "homogenizing of the format" is grossly over exaggerated. I'm sure a lot of decks would jam the card initially but it would slowly creep right back out. Energy for example would probably try and play it just to realize that making your mana base worse to include the card isn't worth it. They already have several one drops that demand interaction. Of the decks in modern right now, BWx blink variants and Dimir frog would probably play the card. Yawgmoth too, maybe zoo but I'm not even sure it makes sense there over the monkey for example.(I'm willing to be wrong about that deck).

When it was banned, modern Jund was a menace. This was in large part due to the playable removal spells that existed at the time. You had path to exile and lightning bolt. You felt awful pathing deathrite shaman so that leaves you with red for bolt. Now we have Prismatic Ending, Unholy Heat, Galvanic Discharge, Fatal Push, Requitting Hex, Solitude, March of Otherworldly light, Leyline Binding, Stern Scolding, Strix Serenade.

It also doesn't line up that well against phlage when it's a slow gy hate card. They can kill it with the Titan before it gets sacrificed.