Like many green cards that need a tag, this card will probably see play almost exclusively in Weyland and NBN. However, it serves largely different purposes for the two factions.
In Weyland, while this can provide tempo, the easy access to a more direct tag-based win condition. nasty Destroyers, and solid ICE with EtR subroutines makes this more likely to show up in a rigshooter deck. Thanks to the rotation of the bin breakers, this is a viable way to win the game, either by totally locking the runner out, or by slowing them down enough as to create a scoring window as they dig through their deck looking for a lifeline. (Just watch out for Shapers who are happy to just pop a Simulchip and keep your remote locked down.)
In NBN, this card fills the same role as Self-Growth Program: it directly taxes the runner's time and money by removing something they had to draw and pay for, keeping them too poor to make runs, clear tags, trash assets, and steal Bellona or pay other taxes NBN may present to them. As a rule of thumb, Retribution will generally slow criminals the most and shapers the least, outside of the most gimmicky criminal decks that barely install anything, at any rate; Self-Growth Program may be a better option if you're specifically trying to target Shapers. It is still competing with a few other tag punishment options that exist in-faction, but for single tag punishment, it's one of the better options in slot.
In other factions, Retribution has yet to make a splash, but The Automata Initiative did just add the most compelling reasons yet as to why this could be worth a one-influence splash by adding Jaguarundi and Phoneutria as solid ICE that makes avoiding tags uncomfortable for the runner, but giving neither faction a particularly great way to capitalize on a single tag (outside of Hypoxia which needs a very specific deck to generate enough value for the corp). That said, Retribution is still a bit at odds with the normal gameplan for these factions, which makes it hard to earn its slot.
And while the new Mindscaping can punish multiple tags in red, a single net damage is much less punishing than (as you say) program/hardware destruction or a double bounce.
— D4v1d-Gr43b3r