The initial idea of Historic was that players would be able to continue to play their cards after they rotated from Standard, and adding a bunch of super-pushed cards each quarter had the potential to basically function like rotation, by making cards that players already had in their collection unplayable (from a competitive perspective, at least)
On top of providing a big buff to your board, tacking Lava Spike onto all your red spells ends games in short order
Toss in some buffs and you have a nasty Voltron commander on your hands
It enters too late for the extra lands to make much of a difference
You could replace the rare dual lands with some common tapped dual lands, and it would still function, but it would be less competitive because we'll have to play off-curve sometimes
Sure it enters tapped, but unlike a lot of utility lands we see, this one can produce colored mana so it isnt a liability for your mana base