Even in a world with mana burn (where you lost life if you didnt spend all the mana in your mana pool between phases), I still cannot understand why this card saw print, let alone why the prospect of losing a few points of life was considered sufficient downside for generating 2-7 mana in a color not known for mana ramp
On Turn 3, its a fine play to go ahead and crack in for four damage if you dont have anything better to do, all while getting a +1/+1 counter on the Knight for your troubles

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If the triggered ability causes two or more Monks to be created (due to an effect such as that of Doubling Season), you may choose to attach Cori-Steel Cutter to one of them
This is true even though it can't be countered.
Both cards synergize well and you can find both in Azorius Omniscience and Jeskai Control, which are both winning tournaments currently