It's both the cost and the player that people have an issue with, in combination with what his role appears to be. Everything is factored in. He has a career 81 wRC+ (82, 86, and 82 the last 3 seasons respectively) and will be playing 3B everyday from the looks of it. The highest wRC+ projection for him in 2024 is from Steamer at 88, and he's never actually reached that number in any non-Covid season. Unless they can unlock some sort of hidden offensive ability in him where he can be closer to league average offensively, then he's going to be a massive black hole in the lineup. I don't think he was worth $7.5m on a 1 year deal, much less $7.5m per year for two, and that was before seeing what the market eventually turned into. The Jays don't need a 85 wRC+ 3B, even if he ends up with a 2 WAR because he gets 650 PA.
I don't think anyone has suggested that this was an albatross contract or anything. If he's the same dude he's always been, then he'll be fine as long as he's more of a utility player who doesn't play everyday. Unfortunately that is not the expectation for him. Look I hope I'm wrong because it would be great and hysterical if he makes the AS team in 2024 and we can watch Yankees fans complain about it (they hate IKF). Or maybe Donnie Baseball can get him closer to league average offensively which combined with his defense would make him a more reasonable starting 3B. I just think that if you're going to strike early before a market materializes, then this is not the player you do it for, and neither is Kiermaier when you already have Varsho.