Playing against Dream Catcher enough times has made me respect this card...
Yes, it does take a bit of setup to use. However, comparing it to Pulverizer isn't fair, in my opinion. It's like comparing Arsenic to Scorpion, or Vampire Dagger to Vampire. The weapon will often be stronger than another card that does something similar.
I believe the repeatable permanent destruction that isn't vulnerable to other PC is worth the setup and cost it takes, especially when it can be done with only a single element.