In a deck with a five-color commander, it essentially reads, "You win the game if you control your commander." That is not the most satisfying end to a game, and it does begin to become an auto-include for many decks
Village Rites since Deadly Dispute is banned, Blood Fountain and re-arranged the sideboard a bit
In black-heavy Lorwyn shells, this kind of denial effect fits naturally alongside attrition strategies and grindy board states, which is why cards like this often get discussed when players talk about the best black cards MTG for control-oriented builds
The multiplayer nature of Commander amplifies this cards power exponentially
Glen Elendra Archmage is probably the card responsible for the most groans at tables I sit at, because the players resolving them tend to be the ones that Persist doesnt matter totheyll bounce/flicker or otherwise reset the Faerie to ensure they always have a counter open for as long as possible