I did an office league VERY similar to this last year with people that had little/no clue. I thought I had the league in the bag by just doing my normal VBD and getting players ridiculously later than they should have gone in a competitive league. I actually laughed at some of the picks being made and told them they "made it too easy for me."
Want to know what happened? I missed the playoffs.
I was outscored by the top scoring team three times when I had the second highest score in the league. In fact, I think I was like 2-5 after seven weeks and only managed to pull close by winning all my remaining games but one.
I've been involved in other leagues with friends with similar results to yours and haven't won in three years...I get second or third every year though.
What I'm saying is don't underestimate a league with "bad drafting." You've still got to win the games. As long as they are taking solid players early, if some of their later picks pan out and they get a few WW gems, they can be just as competitive as the VBD guys. Maybe I had an extreme example, but this is why my fantasy strategy and mindset has changed over the past year.
Anyway, your question...only bail if you don't want to play. I'd say the chances of you winning this league might be as good as playing in any other league. Just worry about your team and let the chips fall where they may.