The ability to loot for free each turn lets you trigger your key 2nd draw matters cards on your turn and save your cantrips to trigger them again on your opponents turn
Especially in the general creature-beat-down department
In order to thrive in todays Standard metagame, the deck might be able to get more aggressive with cards like Liliana, Heretical Healer and Despoiler of Souls fuelling an aggressive curve
However, the powers that be didn't print Merfolk for a long time because they had tails, and thus didn't make sense as a creature running around outside of their seas
They're on-rate to deal with dorks, Ragavan, and the like while handling 3+ mana threats at an excellent rate
I 100% agree with you, although should we contact PSA to change JPN base no rarity symbol to Base