If another creature enters the battlefield as or becomes a copy of Pirated Copy, it will copy whatever Pirated Copy is copying, be a Pirate in addition to its other types, and have "Whenever this creature or another creature with the same name deals combat damage to a player, you draw a card." If Pirated Copy doesn't enter the battlefield as a creature (such as by copying an artifact or land that became a creature), it doesn't become a Pirate, though it still has the granted triggered ability
This is a very niche flicker card in this regard, but it doesn't have to be if included in the right deck
It also does a ton of work against Dimir Murktide, one of the best decks in the format right now
Wizards made a statement that it had no place for racism in its game, and it banned not only Invoke Prejudice but also other cards such as Cleanse, Jihad, Crusade, Pradesh Gypsies, Stone-Throwing Devils, and Imprison
Depending on how rare this card is, it could sell for a few hundred dollars, even if its largely unplayable