This card bonkers.
In 2P, mystics sometimes upgrade Rite of Seeking to the level 4 version just for the sake of the +2 boost. The third clue is often wasted, and the extra cost is painful. People still do this because the +2 is such a critical buff. Combined with other buffs (Holy Rosary, David Renfield, etc.), it makes even high shroud investigate tests trivial. The level 2 version solves all the problems. It has much lower costs, compared with the level 4 version, and give just what is needed: the +2 boost.
As an intermediate upgrade, the level 2 version can help when you don't have enough xp to directly upgrade to the level 4 version. In case you have exactly 4 xp, upgrading 2 Rite of Seekings to level 2 is also better to consistently get the +2, against upgrading 1 copy to level 4. It also synergizes with Arcane Research. Now you can upgrade 2 copies of Rite of Seeking to level 4 with 0xp total (across 4 scenarios)!
Being level 2, the card could be used by off-class mystics. Not sure if Daisy Walker would use this, but Sefina Rousseau definitely love this upgrade. Hell, this may even encourage her to take Arcane Research, since now she has 2 very strong targets (along with Ward of Protection).
Not sure I like the power level of the card, but I guess this is how FFG seduces min-maxers to buy the Return to Dunwich box :P