So you waste a 2nd level spell slot, and discover that there are traps within 120 feet of you (in the visible sector). Under what circumstances would that be of any use?
I mean, for starters, you waste an entire spell slot on an instantaneous spell, and then you don't even get to pinpoint the location or mechanism of the trap.
ADDITION: Following the exchange with Greenstone Walker - I also want to emphasize that the spell doesn't even detect natural hazards such as weak wooden floorboards or loose cave ceilings (caused by natural wear over time) which are effectively traps, but were not designed by someone as such.
Or am I reading this wrong?