While Schiff is moron, I do think the memo showed that (upper levels of the) FBI decided to violate the 4th Amendment rights of an American Citizen, on what it knew was unverified and false probable cause to obtain a wiretap warrant. And it shows clear political bias in the conduct of an investigation into a criminal and counterintelligence investigation (Hillary's e-mails).
It also showed that FISA system is broken as that FBI was supposed to provide as part of it's warrant application any exculpatory evidence and/or evidence favorable to the target of the warrant. The FBI deliberately withheld that information.
Finally, How did Clinton know about the "Russian Collusion" unless she had some back channel to the FBI to know about that investigation?