They had to deal with a card that does the same thing, with the little drawback that you have to discard your hand
It's just that useful--so long as you're still drafting blue and black
but with Delve and Convoke, casting it is very easy, and it can even be cast from the graveyard
However, that cost is mitigated by saving Pact for a big combo turn, where it can protect combo pieces from interaction at no cost, ending the game before payment's ever an issue
Wizards of the Coast, the company that makes Magic, made a legally-binding promise to never reprint these cards, and they tend to be extremely powerful
This is largely thanks to it including beautiful reimaginings of some of the best Commanders for two community favorite tribes: Dragons and Slivers