Well, this kinda goes to the core of the versatility argument. There are a lot of cool things it can get but there's an opportunity cost of an ETB tapped land, being sorcery speed, and being fairly inefficient.
Most of those things can be tutored for with one of the variety of 1-2 CMC tutors, many of which are instant speed. Or can spread their cost for multiple turns (e.g. map). Or can be tutored for with Trinket mage, or count as an artifact for purposes, or can be recycled.
Putting a land back in your hand is quite a bit more difficult than putting a spell back in your hand, so using TW as an engine is pretty hard vs. something like Vampiric Tutor.
All things being equal I always find myself cutting Tolaria West unless I have really important cards that are core to my gameplan that it can get, that my color combination struggles to find. I think it's somewhat more niche than you have suggested. But that's just my opinion of course.