I believe this came about because they wanted a mischievous creature on the back that punished the opponent for not having enough cards in their hand, and flavor-wise, that felt a lot like a faerie (it was an imp when it was on Equilor)
His ability allows you to use any mana type to field your opponents cards and if theyre not to your satisfaction, you can just mill them
Its adventure side, Tyr's Blessing, gives any creature indestructible at instant speedgreat for surprise blocks or saving a key attacker
Thats technically true of the Final Fantasy 9 character as well, but theres no real emotional weight or lore connection there
It also has some upside against various black commander decks or eldrazi with annihilator
If your deck has lots of land , or if you've got a handful of land courtesy of something like Boundless Realms, then suddenly Cultivator Colossus is arriving as a 12/12 that also draws you a bunch of cards