I don't get why this card is that good... Ultimate Providence / Divine Wrath need a discard, but they can replace Forbidden Chalice, especially because the targeted monster is destroyed! In a 20 card deck, I don't see any need of this one.
If you are playing spirits you might want to keep the stronger ones on the field, which takes alot of resources to summon out in the first place. Spirits gain benefit if they return to hand using Shinobird Power Spot, and we rarely see people play spirits anyways.
This can be used for countering d.d warrior and mirage dragon...