These collectible cards are not tournament legal
Wear / Tear has been a sideboard staple pretty much ever since it was printed, and it doesnt seem to be going anywhere
This alternate way of phasing out is known as phasing out indirectly. An Aura, Equipment, or Fortification that phased out indirectly wont phase in by itself , but instead phases in along with the permanent its attached to
The other activated ability the creature must have can be any activated ability, including one that can't be activated at the moment, or even one that can't be activated while the creature is on the battlefield
Its a great option to have in the main or sideboard to deal with a problematic creature, enchantment, or even Planeswalkers if their mana value is low enough
Loxi: Cards like this just scream "combo with blink decks!" to me, and being a cheap and easy to time card makes it a good pick for decks that blink but also rely on tap triggers, like Roon of the Hidden Realm can often be built out even though this doesn't explicitly combo with him