Chancellor is a much simpler card than Develop, so it's easy to see that it's a bad value when you compare it to other terminal silvers.
Develop on the other hand has a lot of potential to it, and its weaknesses come out mainly thru use or careful thought.
Although MANY Base set actions are very weak and very simple (Chancellor, Village, Woodcutter, Workshop, Feast, Spy, Adventurer) so I'm not sure how Chancellor got singled out from that list. Maybe because he looks so sad.