I heard about this type of arrangement several months back. I can see the pros and cons. What I don't really see is some guy looking out for the vast majority of MiLB players (keeps quoting 90% that don't make it), but that is simply not something that anyone can do and be viable - other than MLB teams which could drastically improve wages to MiLB players (drastic as it relates to current wages) without putting much of a dent into profits. I don't see BLA as anything horrible, just filling a niche in getting some young men an actual balance in the checking account.
I do believe some individuals could benefit greatly as they are better situated to focus, and afford, those things that will help them get to the next level. If someone sees this as "necessary" to get to the next level, then the cost is reasonable - 90% of a dollar is certainly worth more than 100% of nothing.