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In fact, you probably solve this entire mystery by going to over a WOTC forum and asking them why they're "using the old Pokmon holofoil" they'll stumble over themselves to "Um, actually" you and you'll get your answer

in cEDH, Blood Pet is often found in Krrik, Son of Yawgmoth builds as a way to net an extra mana for 2 life, but also sees a lot of play in Inalla, Archmage Ritualist and Ad Nauseam lines to rush out these expensive spells or aid in comboing off with other cards to win the game

Its great in decks that care about looting often

The copy that Exterminator Magmarch's ability creates is created on the stack, so it's not "cast." Other abilities that trigger when a player casts a spell won't trigger