Burn decks really needed a way to get rid of Jace and Teferi planeswalkers in blue control decks. Fry is both very effective and elegant solution to that problem.
Jund players will most likely include a copy or two of Fry as well. It can remove all those Angels with Lifelink that often make a life of any aggressive player miserable.
The only card that can deal with Fry is Spell Queller, since it doesn't counter the spell but exiles it instead. If you see that opponent has at least three untapped mana sources, one of which is blue, then there is a chance that your Fry won't go through.
But besides that, it's a must-have spell in Modern right now.