Replacement effects can't target, but this would work fine as "on another creature you control". I suspect it has a whole lot of nonobvious fascinating interactions.

Should this say "you control"? Or are you intending for it to make Sturdy Hatchling and friends removal spells?

Fun with Caldera Hellion: distribute just enough +1/+1s around to let all your remaining guys live through the blast.

Makes persist and undying creatures a lot more resilient. (Though that's fine; so did Heartmender, Juniper Order Ranger etc.)

Lets you accelerate your Chronozoa growth by making them fade 1, dumping the excess time counters somewhere irrelevant.

Makes Master Biomancer go rather crazy. Erm, even more crazy than he already was. Well, slightly.

Turns Woolly Razorback into an amusing 7/7 for 4 mana.

Mainly just looks great fun for a +1/+1 counter themed deck (or a vanishing themed deck), though.

I did indeed intend for this to be "removal" with things like Etched Monstrosity.
I thought the interaction with persist was fine, considering what Melira does for it. This would do beautiful things in my Lost Auramancers-Debtor's Knell deck.