Because of these restrictions, it is best to limit fight to just a subtheme in your deck
Aminatou, the Fateshifter In Esper colors, which are strong for blink strategies, you can fill your deck with cards that have powerful ETB triggers and add value boosters like Panharmonicon
(Or even reach if you just want to block flyers)
While both Phyrexian Arena and Hypnotic Specter have the potential to see play in multiple archetypes, maybe the most fun way to play these cards is to toss them all together into a Mono-Black Control shell, with Hypnotic Specter being a living x-for-1, Phyrexian Arena being an insane source of card advantage, and Tendrils of Corruption being a solid removal spell that also helps to ensure we don't accidentally die to our own Phyrexian Arenas
Ill go over a few examples of why some specific cards have been banned: Treasure Cruise + Dig Through Time [mtg_card]Treasure Cruise[/mtg_card] and [mtg_card]Dig Through Time[/mtg_card] are examples of cards that were individually too powerful for Modern (amongst other formats)