Your opponent is going to be left feeling bruised up, thats for sure
This ability does set the stats of the resurrected Pirate to 4/4, which may weaken some of the bigger targets, but for the most part, this is actually a positive, turning your aggressive early Pirates into legitimate threats later in the game
Often, cards are also banned when theyre only added to Arena for a specific Limited experience but arent intended to be factored into competitive play
Pirates have received much more support since then, being a key Draft archetype in Commander Masters, receiving an entire Commander precon in The Lost Caverns of Ixalan, and being included in Outlaws of Thunder Junction's outlaw batch
It might seem like an upgrade, but giving the opponent two treasures can sometimes be way worse for you than giving them a 2/2 flier