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If you are running up against a deck you can't fight, or there is a person or two who have really nasty Commander decks and their attitude is sort of "Stop us if you can!" then you can

I would play it in a deck that sacrifices its own creatures a lot so that I can add rev counters, and Id want some way to get around the relatively high equip cost

This keyword is called Vanish: a new ability that enables a character to banish themselves when chosen by an action

I dont think Protection Magic is going to be the best option for every deck, but in decks that can proliferate counters this one is going to do a surprising amount of work