I see this as a beginning to improve warriors in the arena. Likely a common, maybe an uncommon. Unfortunately, warriors need better early game, not late game....
Actually Warriors just need more solid cards regardless of mana cost. This card is very solid, probably Fire Elemental solid. Nowadays, if you make it into the late game with warrior, the opponent out values you with their hero power. This card can tie up the hero power of most classes, which gives you the bit of value you need in order to keep up with the opponent.
When would you actually play this in CW though? Over Boom? LOL. Your 7/7 is never going to live long enough on board to get even 2 scarabs, not to mention the Deathrattle advantage Boom has. If it made 2 1/1 taunts each turn it MIGHT be worth it.
This card has no real taunt synergy since you never expect a 1/1 taunt to survive your opponent's turn. The 1/1 taunt is considerably better than a wisp because it's so annoying. Classes that can't deal one damage easily will be pretty frustrated by it.