So far, he's been a AAAA player to use a baseball reference. He has been showing out at the G-league level of late, but is not a good pro at this juncture. He's also a 19 year old kid that missed a sizable portion of his only collegiate year. Does he ever become something? Tough to lock that in. Fully worth it from a Lakers perspective with a late 2nd pick. Enormous jersey sales and the fanbase has embraced him (and keeping Lebron happy is not a bad thing).
I tried to tell other Laker fans before the draft that if James Jr was on the board, the Lakers would absolutely select him -- just to prevent his father from getting any goofy ideas about demanding a trade to whoever owned his son's rights. That alone made the pick worthwhile. People were harping on him not being good enough to be drafted -- and he wasn't, but that didn't matter.
But look around the league -- there are not many 6'2" players, and they are all much quicker than James Jr, much better ball handlers, and much, much better shooters. Except Gabe Vincent, but he also should be playing in the G League as he has zero redeeming value as an NBA player.