I think the part that is still fun is finding the combinations that work, especially in the draft league, where value plays a role both in terms of what round to take someone and managing the salary cap. But thinking of the ratings in terms of real life is silly. I mean, Isiah Thomas is undraftable but is undeniably one of the top 5 PG of all time. Meanwhile, people get their panties in a bunch to take Charlie Ward.
Once you get over the fact that the SIM method doesn't reflect reality, the game becomes more fun, as everyone is dealing with the same (un) reality of it all.