Its utility does go up, by the way, if played in a deck with Anthems, or instant-speed ways to grant deathtouch
3/1 Human Warrior with trample and haste
If you attack someone unable to do much against this, or make deals with it, then you can decidedly not care at all if the tokens themselves run into a brick wall, and just draw the additional cards you need of ETB cards
He is pretty frightening to leave unchallenged even when there are no counters or things that generate them in play
With Theros being built around enchantment themes, being able to combat those is some way is likely to be relevant for the Dimir decks out there
Smokestack works best alongside cards like Bitterblossom and Grist, the Hunger Tide that provide a stream of sacrifice fodder