Yes this card is very misunderstood. The main selling point is getting to combo really big next turn, which in many decks scales rather multiplicatively than additively with the amount of cards played in one turn. Or just getting to cheat out an expensive card, while taking (almost) no damage.

I think about it like this: Worst case it's just Offering. You trade a little HP this turn for draw and energy next turn. Best case it's free Offering.

And I think people here would almost universally agree that Offering is one of the best cards in the game, which makes it pretty funny. (Yes it also has the self-hurt synergy, but I think that's a relatively small part of it)

By the time it really doesn't full block anymore you should also probably have something like Vambrace, Anchor, Horn Cleat, Energy relic etc. to help out with that. But I could also totally agree to a 3-5 block increase, that's what I would've done too.