Countless Bolt effects have been printed down the years, but they are sorceries, can only hit dorks or players, cost more mana, and so forth
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For 3RR, you can destroy an artifact or a land, but that's asking an awful lot
I don't believe Flash has ever been banned, but it's always been on the fringe as an offbeat Legacy strategy
If the game state dictates that youre better off casting it (like Kozilek, Butcher of Truth) or keeping it in your hand (if the environment is currently hostile to the permanent type), then you have the option
In the late game though, Cyclonic Rift turns into a brutal win condition: It removes everything that is neither yours nor a land, and since it's not targeted it bypasses color protection and hexproof