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The most fun thing it does, honestly, is that Ghost Ark turn where your whole graveyard stands back up at once and the table realizes the board they just cleared is already back

But as that ability resolves, you can then cast the card for its madness cost rather than its mana cost

Though Reconnaissance Mission and Bident of Thassa are effectively strictly better versions of Coastal Piracy, a deck that wants one will usually benefit from all three

In fact, when you hear players talk about the ability today, you may hear them use the term "loot" instead of the lengthier, "draw a card, then discard a card." Loot is the shortcut term for this mechanic because it was named after Merfolk Looter, a creature that taps for this ability