While there is a ban on it in Conquest and Brawl, you can continue to cause shenanigans with it in Modern, Legacy, Vintage, Commander, and Pioneer
Speaking of, I don't find its activated ability to be too great either
If Starting Town enters during another player's turn, it'll enter tapped no matter how many turns they've taken
It also had the advantage of being more elegant than its mirror card Undermine, as it was a simple combination of Healing Salve and Counterspell for the combined price of both of them, and while the strength of the colors meant the ranking here goes the other way, Absorb shows how it's more important to get what you need rather than what is technically more valuable
Part of this reason is bound to be their difficulties in Limited, but wed be surprised if this color confusion didnt play a part too