It would be nice if there was a bit more interaction throughout the season with the draft system. Maybe fewer scouting "points", but you may choose where to allocate them?
However, I feel the draft is not a total waste. It depends on 2 factors:
1 - How much information is available to you
2 - How much information is available to opponents who select before you
First off, you need to be able to see the talent in order to choose it properly. However, if your opponents can see the same information, the best talent will most likely not fall to you. This gives a benefit to teams who are in BOT leagues, finish lower in standings, and whose opponents decide not to invest in scouting.
Luckily for me, I have chosen very trainable players in the 2 drafts I was actively scouting even though I have been a consistent playoff team. I even pulled a 5* ability, 5* potential 6'10 18 year old forward in the most recent draft. My second round picks have been a top 10 ranking player on my draft board.
Here is a thought that just ran through my head: Talent distribution in the draft depends on how much total money your league has entered into the draft. If you are in a bot league, you will probably get the top talent in the draft, but he won't be on par with a full user controlled league top talent. If you are in a fully user controlled league maybe you get the 10th best talent, but he will be more trainable than the 10th best talent in a BOT league. This idea has holes, such as potentially widening the gap between lower and higher divisions, though.