Protecting yourself from discard mechanics can be beneficial in any Standard game, especially early in a match-up. Bag of Holding basically saves your cards from effects like Duress and Thought Erasure.
This artifact is like an insurance policy, which can give you a massive advantage in the late game. Simply sacrifice it and get back all the discarded cards that have been sitting in your exile zone.
There is also very strong synergy with Awaken the Erstwhile, which allows you to create a ton of zombie tokens. The same goes for Cycling mechanics and Bag of Holding's looting ability, which costs only two mana to activate.