I should preface by saying I don't think this item should be nerfed to oblivion as its usefulness has only been noticed this major. However, based on how much its been picked up by pro teams, it looks like its a bit strong and some adjustments should be made.
In saying that, I've noticed that the bounty for this items active is only 20g for 5 hits. Comparably, Jugs healing ward is a fast moving ward worth 75g (for 1 hit), pugnas nether ward is a stagnant ward worth 20g (4 hits, 7 with 15 talent) and shadow shamans serpent wards are also stagnant wards (though deal damage) worth 31g (2 hits, 3 with 20 talent).
Is it safe to say that icefrog will adjust the wraith pact bounty to be higher? I believe it should be. It can move, and at a feasible cost of 4200 gold its not hard to attain for most heroes, and most notably the effect is has can't be ignored for some fights.
Source: https://www.reddit.com/r/DotA2/comments/uu171k/wraith_pact_bounty_too_cheap/