Card isn't a problem at all. It only works with a Galakrond package, it's not a card you can slot into any kind of Warlock deck. Cards that are nerfed are usually auto-includes in every archetype without much thought.
It's not great against decks that go very wide, like Spell Druid. It also sucked against Quest Hunter before the rotation. Not that Lock can't get a wide board, but would require being in Galakrond form already, and still having cheap invokes left.
And agreed, aggro is powercreeped as hell, specially DH, and old board clears are nearly useless today. Flamestrike, considered the premium removal of the game, is now laughable, and only played if randomly discovered/generated, if even that.
Unfortunately you are right, but if card is too strong in format like that it speaks something about it's power and they do sometimes nerf cards for wild only.
To be honest, I don't believe it's even possible to balance wild. Blizzard often doesn't want to print card X, because card Y is still in standard and the interactions between them could be unhealthy for the game. In wild, on the other hand, you can use any interactions you want, even those, that should never be possible, because they are simply too broken. How would you like to prevent them from happening? Remove certain cards from wild? But wasn't the idea of this mode, that ALL cards will be available there? And what's the alternative? Balancing wild separately from standard? From scratch? Sounds impossible.
Who cares, Warlock isn't even relevant anymore in the current Meta.
Talking about busted cards, Puzzle Box of Yogg-Saron is the most hilarious shit going on right now, it should read "0 Mana your opponent loses the game". And of course this ALWAYS favours the Mage player.