You can use a copy of this card in a Heraldic Beast deck : Not only it will serve as a decent beatstick, but should your opponent remove it, it can resurrect a previously-banished Psychic-type Xyz monster (In particular Number 8, Number 18 and Number C69, the later splashable in any deck that uses Rank-Up-Magic Limited Barian's Force) with its effects intact. Remember however that using it as an Xyz material and detaching doesn't count as "being sent to the grave from the field.
1900 ATK makes "Silent Psychic Wizard" a good alternative or supplement to "Psychic Snail" as a solid beatdown card. If you target "Krebons" to be banished, then you can continue straight into a nice blocking move to prepare for a Synchro Summon when it is Special Summoned to the field.
To go even further you can banish a Level 3 Psychic-Type monster with the effect of "Wizard", Tribute it to Summon "Overdrive" Summoning the Level 3. Use the effect of "Overdrive" to get 2 more Level 3 Psychic-Types (at least one Tuner) then sync them all into "Overmind Archfiend".
This card is a godsend for "Gusto" Decks (mainly Psycho-Gusto variant) due to most of the "Gusto" monsters are low in ATK and composed of mostly Psychic-Type, which this card can compliment and support.
Bringing back "Daigusto Sphreez" with this card's effect can put more pressure for your opponent, since if they battle any of your "Gusto" monster(s), they will take battle damage regardless.
Summon this card, banishing a powerful Psychic-Type monster from the Graveyard, then activate "Emergency Teleport" to Summon a Psychic-Type Tuner monster. Synchro Summon using those monsters, and the banished monster will also be Summoned, giving you 2 powerful monsters at once.