The main consideration is it costs a card each time you activate it, so the card is strongest when your deck benefits from discarding creatures or has enough recursion to recover value
Removal wants to be permanent and maintain card equality ideally, and great though Wave is, it fails to do either of these things
Funnily enough, both intimidate and landwalk have the same issue they make some cards selectively powerful with limited opportunities for counterplay, whereas menace is much more well-rounded and interactive
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It was cool to attack your opponent with a giant, fire-breathing dragon but, it didn't make a difference whether the Creature was a Dragon as opposed to an Elemental or Djinn, as far as the rules were concerned