It also only taps down your opponents artifacts and creatures, not their lands, so its not some insane Stasis on a stick
Cards lost due to ante are removed from the player's deck for the remainder of the tournament
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Most Eldrazi are already pretty pricey, so getting to cast them and then getting two more is a pretty nasty combo
When thinking about Mono Red decks (or Boros, for that matter), there is usually a budgetary concern in general, but mono red decks are powerful, fast, and quite reliable
More than that, though, Chandra gives us value in the same way Birgi, God of Storytelling does