Well, at present it has absolutely no utility outside of the Paradox Rift set due to its very specific ability
Effects that modify a creature's power and/or toughness, such as the effect of Jump Scare, will apply to that creature no matter when they started to take effect
In fact, I think that influence might already be showing its face in legends were seeing in the most recent sets, with legends that are much more niche and specialized: Compare to previous newer designs that were value-engines that rewarded players for just playing Magic: Past and Future But as we eagerly await these cool, new niche designs to roll out in the coming years, its a good idea to remember legendary creatures from Magics past, especially those from before WotC began to focus so much on Commander
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You do get kindred non-creature cards like Tarmogoyf Nest and Demonic Covenant for non-Standard sets and Commander products
Curiously, two of the reprinted cards here come from Commander Legends: Battle for Baldurs Gate