I also have followed the Sox and from the late 1940's. I think Bloom is doing a remarkable job given the circumstances and I guess I am more understanding of the Betts move.
I believe Bloom was tasked with bringing the Sox back to relevance while staying below the CBT until the Sox have a real chance of competing at the highest level. His plan appears to involve improving the minor league prospects while gradually bringing the team forward. There was no way that taking on 365 million for the next 12 years was consistent with that approach.
Bloom has instead added lower cost, but potentially talented players and prospects by trading away Betts and a few lesser players. He is still stuck with the Price, Pedey and Bennintendi contract residuals and an ace level contract to Sale, which for the time being is not contributing to the team. Fully 1/4 of the CBT is wasted.
Getting Arroyo, Verdugo, Codero, Renfroe, Hernandez, Gonzalez and a plethora of better pitching has improved the team. Will all the guys we picked up perform well enough to be with the club for more than this year? No, but some will and the budget will grow next year and put us squarely in the race. The surprise is that we appear to be causing some major ripples already this season.