Yeah, this card is kinda overnerfed (which actually happens to a lot of GX cards for some reason). With that summoning condition, this card should have kept the anime effect, which actually lives up to its name - it can activate the effect multiple times and gains 500 ATK each time it does so.
*shrug* I'll take the better materials we got here. I don't get why people think Divine Neos was super-nerfed. It only copied Neo-Spacians, and definitely wouldn't have had unlimited uses if it did stay that similar to the anime version. Honestly, it's a better card here IMO. (It's a shame it doesn't list Elemental HERO Neos as a material for support reasons, though.)