It can be taken advantage of with Osgir, for starters, and its just a generally sweet way to accrue value for later turns
They even have an alternative art work and the extra fancy dragon scale foiling
If the target creature is an illegal target, you'll still gain control of the target Equipment until end of turn, but you won't attach it to the chosen creature
Modern is has a reasonably high amount of graveyard use right now, so tacking on the ability to exile a graveyard on to a spell that has two other modes is quite powerful, as it allows you graveyard interaction when you need it, but youre not stuck with it when you dont
Ultimately this is probably not the thing to be doing in a format where Vivi Ornitier and Kaito, Bane of Nightmares are two of the best strategies, but it does make me want to brew