We need to have the opportunity to interacts with our opponents in an instant an efficient way if we want to stop certain combos
In formats where players regularly do this - like in Legacy, thanks to Brainstorm - this spell acts as a deterrent of sorts, and also balances things out by allowing you to pour as much mana as youd like into your card draw
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Later during that same main phase, another effect gives you an additional combat phase after this main phase
Often the best thing that can happen to you is that your opponent just fails to draw Be Prepared, and Whole New World can help them draw it
Cloud's ability rewards you for attacking with equipped creatures, so even just a couple of them can refill your hand or ramp you into even more spells