It acts as an incredible anchor for dedicated villain deck users, forcing opponents to split their focus between dealing with lesser threats already established on the board or tackling the king himself to put a halt to the strategy
It might have a fierce stare for Arboreal Grazer, Longshot, Rebel Bowman, or, Poison-Tip Archer, but it won't threaten much
The mid level is just a better speed bump than the 1/3 and while not exciting is a better use of mana than nothing
This may not always remain the case though Magda, Brazen Outlaw is the type of card that will only get better as more cards are printed over time, and with more Dwarves seeing print these days, it is entirely possible this balance of power could shift in favor of this under supported creature tribe
Note that cracking a fetchland counts as searching their library, so folks might not break that Terramorphic Expanse or their Polluted Mire unless they are needed, which is still a win for you as you slow them down
Land Tax allowed you to see a full three new cards each turn