Honored Crop-Captain

The whole payoff is priced into a single word: attacks. The +1/+0 is not an anthem you park and untap with; it fires when the captain declares as an attacker, resolves once, and boosts every other attacking creature until end of turn regardless of what happens to the captain afterward. That timing is the balancing act. Glorious Anthem hands you a static, permanent buff that survives combat and helps on defense; this trades all of that for a one-shot swing bonus you only collect by committing to the red zone, which is why the 3/2 body reads as fragile on purpose. It dies to most removal and trades down in combat, so the reward is meant to be cashed early, before the opponent has blockers worth respecting. The buff pointedly excludes the captain itself, keeping the 3/2 an honest clock you still have to protect rather than a self-growing threat. This is the aggressive-warrior template that has recurred across red-white go-wide shells: cheap creatures that convert board presence into a lethal alpha strike, with the payoff creature asking you to have already built the board it multiplies. On an empty table it is a two-mana beater that begs for company. On a wide one, it is the reason the math turns lethal a turn earlier than the defender planned for.