Rage Blade Ezreal: Underpowered or Underrated?

Generally people can agree that LCS Meta builds are the strongest for Meta teams. So when you have a high tier champ like Ezreal that's been in the meta since forever, you'd think people would have explored every last possibility in order to get the most power out of him. Since Ezreal has been in the spotlight for so long, that's why we see his unique meta build that's so different from other AD carries, with literally zero critical strike, because his Q applies on-hit basic attack effects but not crit. So the three most core items we see on Ezreal are Manamune/Muramana, Iceborn Gauntlet/Trinity Force, and BoRK, which all apply on-hit effects. Is it just me, or would adding Rage Blade to the mix be extremely powerful? The "Shock" effect from Muramana would go from 6% of your current mana as damage to 12%, the Trinity Force (My preference) would be 400% base damage up from 200%, and the Current Health Damage on BoRK would be up from 6% to 12% of the target's health if I understand Rageblade's proc of doubling on-hit effects. And Fervor of battle, which even post season 7 update will be incredibly useful (While Season 6 fervor applies straight up damage, the season 7 Fervor will provide you with AD, allowing your spellblade to multiply the AD). Can anyone explain how Rageblade didn't make the Meta on Ezreal? Because it seems like it'd be EXTREMELY powerful with his current Meta Core items. I can understand preference picks, like Iceborn versus trinity force, Mercurial Scimitar versus BoRK, but Rageblade seems to have never hit the meta at all, assumed to be a trash Hybrid Ezreal pick or something.