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It is rather bizarre that it's not a creature as the card's sole focus and name is on Shahrazad (or Sheherazade), a character from the 1001 Arabian Nights story, but that's not even the least of why this card is so iconic

Their power comes from the free mana they provide, while sometimes the fact they are artifacts too is highly relevant, e.g

Pushing the impactful cards to higher rarities helps make the games more even-keeled in Limited because of card as-fans (the rate at which a certain card or subset of cards show up within an average booster pack) and in casual Constructed because of card availability

In July 2023, a copy of the first-edition Lorcana card sold for $10,989.01 on eBay according to CardLadder, setting a new record for the most expensive Lorcana card to date.