So, everything there is to say about this card also applies to Metalzoa, since it's the same thing. This has got to be up there as one of the most pointless boss monsters ever. For one, it locks your character to Bandit Keith, as you need his Switcheroo skill in case you draw this card prematurely. So, let me get this straight, I need to summon Red-Eyes, equip it with a specific trap, pray my opponent doesn't use Twister, (an investment of 3 cards and 1 turn minimum,) in order to summon a beater with barely better ATK and DEF but no effect? Why would anyone in their right mind even consider it? Oh, if I also have another specific trap, Rare Metalmorph, I can put it on this card? Well, that begs the question, why are you playing a vanilla Dragon in a Machine deck in the first place? Red-Eyes already has stronger beaters in-game that take less effort; they're called Meteor B. Dragon and B. Skull Dragon.
It is useful in a red-eyes deck now that they added "red-eyes spirit." Red-eyes spirit allows you to special summon a red-eyes from the graveyard. So if you have a red-eyes equipped with metalmorph you can tribute the red-eyes to special summon the metal red-eyes from your deck, then you can use red-eyes spirit to special summon red-eyes. now you have both a red-eyes and a metal red-eyes on field
Still isn't useful though since you have to use even more cards just to get 2 mediocre monsters on the field and you also have to give up your metalmorph which would give your monster a huge advantage as it is. Also fusion summoning a Red-Eyes fusion monster takes much less effort and less resources and it still places your Red-Eyes in your grave so that you can summon it with Spirit.
Technically all three of those increase consistency anyway. At the cost of card advantage, which is arguably more important. But if I really wanted to use REBMD, I'd probably use Mallet or Trader. Gets you to your Metalmorph sooner, and puts REBMD back in the Deck. Seems like a win-win.
Though, I wouldn't use REBMD/Metalzoa when I could just play a better Machine like Reactor Dragon anyway.
Basically, those two cards are from the Duelist Kingdom arc, a time in the game where rules of the game were... Still really bogus, to say the least. Monsters effects were designed rather poorly. Maybe at the time, the whole MM concept looked cool as F, but has obviously aged terribly.
Even the anime kinda acknowledged how worthless Red-Eyes Black Metal Dragon was. Joey used Metalmorph on Red-Eyes in Waking the Dragons. Didn't Summon REBMD, just used the Metalmorph'd Red-Eyes.
Czar made decent use of Metalzoa in GX, Call of the Haunted'ing back Zoa after Summoning it.
This card was one of the oldest, it was designed when original Yu Gi Oh manga (the one where Yami Yugi killed baddies all he want) came out.
While other old cards got banned for being too OverPowered (Raigeki, Harpie's Feather Duster, Change of Heart), this cards is unusable for being too useless.