­Dragon Hunter exists, so I'm going to assume that this is okay.

That comparison isn't really apt. Great against dragons for sure, but otherwise it's just a plain 2/1.

If the supposed is question is about reach, IMO you can use it in any color really as long as you apply some sense to it. As a defensive combat mechanic it's reasonable in . would be the most questionable colors. Truth to be told, to me seems like the last color to put the ability in, but it's something WotC has been experimenting with.

IMO 2/1 for is a great card by itself so I don't really get why WotC has been feeling to urge outdo that all the time with cards like Mardu Woe-Reaper, Dryad Militant, and such. The rare variations especially (Soldier of the Pantheon) are pretty crazy.

With that in mind, this certainly seems to follow that trend, even if I don't personally care for it.

Personally, I find Reach to be one of the safer keywords to put on an aggressive card, because rather than being purely aggressive, it can be also used as a somewhat subpar blocker for fliers. Given the ubiquity of flying in the set due to Bequeath, I figure a bit more anti-flying cards would serve well. It's not quite as archetype-hosing as Mardu Woe-Reaper and Dragon Hunter were in limited, but a bit more universal in application.

I feel like that of the three 2/1's for that you mentioned, Soldier of the Pantheon and Mardu Woe-Reaper are probably the most powerful in mono-White decks, due to the lifegain clause. But yeah, this is very much in line of "2/1 for with minor upside". I just don't think it's that powerful and most slower decks wouldn't want it anyway.