This has the exact same issue as
did before it was reworked and even now still suffers from: AP Junglers are forced to get the item and then keep farming their jungle instead of ganking because the item has very little inherent power. It has 50 Base AP and you had to kill fifteen big monsters to get it to 80 AP. The item wasn't even efficient when you bought it, you had to farm like hell to make it worth buying.
Let me put it like this: Spirit of the Ancient Golem gave Tank Junglers bonus stats for building health like they normally would anyway along with 200 health (that's the equivalent of a
plus 6 Flat Health Seals) 20 armor (
plus one and 2/3 of a flat armor seal at the time, now five armor seals) and 10% CDR. Thanks to the Bonus Health, those who got Ancient Golem scaled better into the late game as the item became more and more efficient. Not only that, the item came with built-in wards. It was literally the perfect defensive/utility item on a tanky jungler.
Spirit of the Elder Lizard gave you 30 AD (a
and five AD Marks) 10% CDR and the passive which deals true damage over time. While certainly not Gold Efficient, it gave you all of the stats up-front so you could then immediately go gank a lane. Because AD is more efficient than AP (due to how AD also increases your auto attack damage in addition to abilities if you play an AD Champion) a Jungler with Spirit of the Elder Lizard had better duelling power than one with Spectral Wraith in a straight-up fight.
Wriggle's Lantern gave you 12 AD, 30% Attack Speed, a strong passive against monsters, increased gold income that you could literally free farm with unlike the old Conservation mechanic on the Elder items, gave you free wards, and eventually evolved into Feral Flare which let you scale harder as the game went on. While the AD was certainly negligible, the bonus attack speed and damage bonus against monsters essentially gave you a
when fighting monsters. This was before you hit your Feral Flare.
Spectral Wraith was garbage, anyone who says otherwise either didn't play it enough at the time or didn't actually play around with the other Jungle Items. I'd sooner get on both knees and praise Runeglaive than see that garbage item return.