I gave it a try but others have hit on why I don't like it. It basically turns into plugging and playing the best cards regardless of the player, and to some degree position. I'd rather just do a fantasy draft with will all the players and actually have some strategy with building a roster and team.
I was enjoying the mode a bit when I start but once I got a Reggie Jackson card, can't remember what level the card was, where he played like a slightly taller Chris Paul with a better 3 point shot I began losing interest. There's just a big disconnect for me when basically any player can turn into a HOF caliber player if you get the right card. Like even the 2020 draft class players have cards that can make them as good as anyone in the game. Once you get enough good cards the fun factor starts to dissipate especially when some of those players aren't even that good in real life.
Edit: And to clarify this is from a mostly offline gamer. If I was more into playing online or had friends that had their own My Teams squads I could have more fun with this mode but from a strictly offline perspective the charm of the mode starts wears off once you get enough good cards IMO.