The Orioles' BP consists of guys that are still all under team control, if I'm not mistaken. (Hence, the need for rebuilding the farm.) The Orioles didn't spend big on a closer. They didn't sign a "proven" closer. In fact, their primary closer is Jorge Lopez, who posted a 6.07 ERA (5.44 xERA) last season, and prior to this year, had one save.
My point is that as much as people want to sign the big name closers to big contracts, that's not a good use of a team's resources, IMO. The best relievers in a season typically come out of nowhere and can be found for relatively little money. I don't think Bloom underestimates the importance of a good bullpen. He just has a different philosophy behind building one than most people do. Acquire as many arms as possible and see what sticks. Sometimes, it works, sometimes it doesn't. But the same can be said about spending big bucks on the bullpen too.