This card was discussed in the card idea planning chat, so I'm going to talk about why this is a Time card.
Thematically, this is the other side of time, when the event's already passed and you are looking at what it has done, as opposed to cards such as precognition that put their sights before the event happens.
This card's mechanic looks like Mindgate's. However, you cannot choose to get more copies of cards you want more, as opposed to mindgates where you can pull more copies of the card if you want more. Also, this is always one step behind the opponent, while Mindgate is one step ahead.
But yes, the unupgraded form of this card could get a nerf. The upgraded is already delayed by summoning sickness.