We got Jarwin, Swaim, and Rico for at most a 6th. We spent a 4th on Schulz with those guys already on the roster. Overdrafted, overhyped, underneeded.
It's the pick, not him. A 4th is a real pick. He's comparable to guys we got for much less.
Seems you are ignoring several things.
One is that when Schultz was drafted, Jarwin and Rico had never caught an NFL pass, or even played in an NFL game other than Jarwin making a token appearance in a single game. Accordingly, the team didnt yet have the benefit of seeing either play at the NFL level, so they couldn’t draft knowing their TE situation
Another is Swaim only had 7 career catches going into 2018, so the team hadn’t yet seen him used as a receiving threat in the NFL. Accordingly all the TEs already on the team were very uncertain at the time Schultz was drafted.
Another is that Rico both then and still had/has yet to show he can be an NFL receiver, and another is that Swaim only had one year left on his contract, therefore there was no certainty either would still be with the team beyond 2018, and therefore it was reasonable to plan ahead for 2019 and beyond.
Another is Schultz was just a rookie this year, and other than Swaim, the others were just as inexperienced, so it’s way premature to make definitive judgements on any of them. Thats even true of Swaim as well. History has shown clearly and repeatedly that rookie seasons often do not reflect how a career will go.
Finally, the Jarwin/Schultz combo proved to be very effective the last quarter of the season when they finally started getting targets, meanwhile Swim missed significant time with injuries as he does most years, and Rico is still floundering, so the Schultz pick is actually looking very smart now.