It's pretty great in a party of players who enjoy puzzle box combat. Like you said, if you're paying attention to who used what action and reaction, you can either expect the counterspell or bait out the reaction so you know it can't be used when it matters. It's just like burning off legendary resistances before you hit a boss monster with your real big-dick spells. Except this time you're just annoying the enemy wizard with lightning bolts and thunder step until he actually uses the counterspell and you whip out your Feeblemind.
For players who aren't paying attention though it can be oppressive. Every DM who decides to use Counterspells has at least one situation come up where an enemy is primed to counterspell a heal. Whether he makes his move there or not is up to the particular DM, but every player who has had their heal counterspelled will remember that forever.