It's a pattern they've been following lately. Find an older card that doesn't see tons of play but has an interesting effect, then print it at a lower cost with more tacked on. I thought the exact same thing when Kinnan was revealed as a better Mayael the Anima.
What annoys me even more is that Kinnan isn't absolutely better than Mayael in
all aspects (Mayael is in better colors for big creatures, cheaper to activate, can hit humans, etc.), but Tegrid definitely feels so much better than
It That Betrays in (almost) every way. I just know that
Plaguecrafter and its siblings are already frustrating to play against, and with this 5 mana creature, they allow you to steal 3 creatures. And honestly, that's on the low side of nauseating. Discard decks already rip your hand to shreds very fast unless you are able to quickly set up a card advantage engine, and now once you're out of cards, they will have a giant advantage (remember, Tegrid even takes lands, which can give the player using Tegrid a bunch of extra mana).
Outside of mono black, it gets even more disheartening. There a lot more wheel effects in blue and red, and we all know how annoying
Hullbreacher and similar cards are when paired with wheels.
Just an overall feels-bad from me.