It's simple to track games on the fly, and follow up on how your individual decks perform
If mana from a Treasure was spent to cast this spell, instead that player reveals their hand, you choose a nonland card from it, then that player discards that card
Four mana at instant speed is a lot more enticing, and though it doesnt hit lands, its still a solid removal spell
It can draw cards, tutor key combo pieces, protect its board, double tokens, Stax out opponents, and even turn the smallest advantages into bona fide win conditions
Black Lotus is banned or restricted because it produces too much mana too early for no mana cost
Id argue, though, that if it produced even a colorless mana, it wouldnt even make the worst cards of all time list at this point due to Commander potential