Idk if this is just a value card for faster Dragon decks, I think everyone is getting hung up on the Murloc tag. Granted, once you put it in that light, it pales in comparison to what Dragons already have to work with.
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"The quickest way to 'think outside the box' is to realize the truth: the only real box is the one you create by limiting your thoughts."
So, we have 9 1 mana murlocs, 6 2 mana murlocs, 1 2.5 mana murloc, 2 3 mana murlocs 1 3.5 mana murloc
So(If I didn't screw with math somewhere) it is roughly 1.6 mana average in decks with no other murlocs but becomes noticeably better in murloc heavy decks.
Strictly speaking, 2.5+1.5+1.5 is better than the cost of 5 It. looks very draftable in arena* if you have a dragon heavy deck (and you will have those in the next arena season...) but It is too fair for a constructed deck without a ton of murloc synergies and I fail to see such deck. And generic dragon decks have better dragon payoffs
Unlike Tasty Flyfish (which I think is playable), I'm not really understanding this one really. Maybe there's some sort of shaman hybrid deck that runs Underbelly Angler or something.
But I think this card is probably too dependent on being able to follow it up with a warleader or a seer for it to be particularly good outside of dedicated murloc decks. And I can't think of any dragons that those decks would want to run.
The card is pretty expensive, so maybe you're putting a murloc shell in as your early game, and it's a midrange deck with some dragon cards? I'm not sure.