I mean, while that is sortof a problem, that's not really why they're played. Gitprobe giving you the "look at hand" for effectively free meant that you always knew whether you could roll ahead with your combo or if you needed to wait to hold up countermagic. IoK and Thoughtseize both require you to be in black and the one mana really does matter. That it also triggers prowess effects was big, too.
Street Wraith still to today largely sees play in Living End that just wants everything that cycles on the cheap alongside Death's Shadow, where its main use is just to drop your life.
That said, we might see them give Street Wraith the boot long before Nadu, despite the fact that Nadu has made many many longtime players of modern completely quit the format because they have no faith in this retarded company anymore lol
Street Wraith is also played in Vengevine/Hollow One decks, Asmo food, and in Doomsday to accelerate your Doomsday->Thassa's line when you don't need interaction.
Anyway again I don't disagree that looking at your opponent's hand is a powerful effect, what I'm saying is that it's the least powerful part of the card.
Thought experiment: Fix Git Probe
Three variations
1st: U - Sorcery - Look at target opponent's hand, draw a card
>Probably playable but not very sexy in low power formats like standard and pioneer, kind of a unique effect if you aren't already dimir for thoughtsneed/duress or other hand hate. Only place I can think that might use it is Izzet Phoenix in pioneer in place of Slight and honestly if you really wanted that effect you could easily just play dimir/grixis phoenix and seize them to more actively protect you doing the thing anyway (and sometimes just discarding your own phoenix into the bin )
2nd: U or 2 life - Sorcery - Look at target opponent's hand
> Completely unplayable except in storm maybe in a format that has Underworld Breach or something like it, and then only because it's 0 mana and storm count with sometimes relevant text
3rd: U or 2 Life - Sorcery - Draw a card
> I suspect control could play it but wouldn't because there's no selection and both 1 mana and 2 life are unappealing. Prowess/Burn style decks would absolutely consider it just because it's 0 mana and replaces itself. But it would become mandatory in a lot of fast combo decks and death's shadow because it still is a null card in your deck to get you to your combo faster and even better then street wraith at it because and it still pitches to will/negation/subtlety to protect your combo
But again, I think the overpowered part is not peeking at your hand, it's that decks with a lot of free/cheap cycling at some point become so consistent at doing the thing they drop their land count down to 10 and still manage to do whatever they are supposed to on turn 2 or 3 anyway. Shit like the LotR swamp troll or Street Wraith are only attractive to decks that at some point might feel like reanimating them or maybe fairly casting them in the same way that all decks that can cast Jegantha probably should run him because sometimes a 5/5 wins the game but Git Probe is attractive in all combo decks that might cast a pitch counterspell which is nearly all of them.