I'm in the minority in finding this an underrated card. Some points in its favor are:
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it never runs out of charges, leaving you defenseless
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it lets you conserve charges on other fight spells, defeating 1-health enemies or contributing to odd-health ones
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it doesn't exhaust like Sword Cane
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it's cheap
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it's level 0, so it's playable as a splash card for someone like Pete
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it offers utility on its own. Compare to the various "weaken the enemy" events that are too specific to merit deck space like Anatomical Diagrams, Expose Weakness, Makeshift Trap, or Map the Area
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it fights with instead of . This isn't unusual for mystic spells, but it's really important for characters with low combat such as Norman when faced with a pesky Rat or hell bird. Effectively it's like a weapon that has +2 skill bonus and permits icons to be committed
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great synergy with Sign Magick (3), granting an action to attack with a free "one-two punch" effect
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one great use case is with Jacqueline, who is nearly guaranteed to reduce the enemy's stats. This is a huge boon for landing attacks for the remainder of her turn. Can somewhat improve success against elite enemies.
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also Pete can use this to "soften up" an enemy before spending valuable actions with Duke
In all, it's a niche card to be sure. In many cases you'll want to replace it with Brand of Cthugha (1) or upgrade to the amazing Wither (4). But it is far from a useless "binder fodder" card.