In card games, unconditionally powerful effects like instakill, instawin or immortality tend to have the drawback that is the most relevant to the game in question. Needing two cards is a fairly common way to put an instakill option in a card game. Other card games often let you trade creatures for creatures as they attack each other, and in those games the current card or power advantage (known sometimes as tempo or turn advantage) is usually the most important thing to have on your side.
Elements has tempo, but it's not as noticeable due to no trading creatures and due to Fractal being broken. The best way to make the presence of tempo much more obvious is to play combo decks. You do nothing or very little until you draw your combo. For an Immo deck, doing nothing is disastrous. For a Fractal deck, it's absolutely fine. If you do draw a potent combo, it gives you a tempo swing and suddenly you're ahead.
Freeze+Shockwave effectively puts you behind by requiring two cards for one. The game gives us one option that is much better in terms of card value, and that's Squid+Shockwaves. Single-target instakill remains weak in Elements because it lets you play a lot of creatures -and- it lets you play as many untargetable creatures as you could ever need.
Other acceptable options for instakill would involve losing card or tempo advantage, such as discarding the top card in your deck. A lot of options can be manipulated into being pointless, such as discarding from hand (discarding a superfluous pillar) or absorbing all quanta (playing it early won't affect you negatively at all in a mono). Discarding one card from the entire deck wouldn't work either because it doesn't affect the current state. There are some weird ways to make some options work, but they seem really arbitrary and can probably be circumvented (such as requiring several quanta types for absorbing).
Edit: For an example from a different game, instakill cards in Hearthstone are usually just really expensive, which puts you behind on tempo because of its limited resource system (mana) and low amount of creatures in a game where they can trade, though Execute is an exception in that it's well used and too easy to enable. Tempo is everything in Hearthstone.