Cloak is strong in the right circumstances, but it's much more situational than Quint. Since it only lasts 3 turns, you need a reasonably fast deck that has ways to gets its offense through (Steal). In addition, you need fragile creatures to warrant its use AND you need to be certain your opponent isn't bringing AoE. This is why we only ever see it in Adrenavamps in the competitive setting; usually only in restricted metas but sometimes it does see use unrestricted for the surprise factor.
As for Quint, there will almost always be CC for your precious 3 creatures in your stall. That's something you can count on. Of course, it's still situational in that you need to compensate for the slowness of Quint, but it's a lot less situational.
Even with a lower cost, Cloak would probably not see much more play because Monodark with Dragons is resistant to CC and has both Vagger+Siphons for backup offense, while Monodark with Vamps can't afford to spend card space on non-essential cards. Dragoncloak deserves an honorable mention, but it's an average deck against human players and Arena. Cloak has the problem of not fitting into a stall because Quint and EA do a better job in a majority of cases, so it's no wonder most see it as a weak card. I'd tend to agree.
If it drew one card, everything would basically be solved and Monodark would probably always pack it, but there's the issue. Maybe two copies would work alright in a Ghostmare with Golden Nymphs or HG's, which isn't a terrible idea, just usually redundant.