The issue is that he can’t just get that time back and recover the missed development time he lost. Prospects fail for that reason all of the time. Just look at how quickly Beau Bennett washed out due to that.
I wouldn’t call him a definite bust yet, but I don’t see how he’s any different than someone like John Gruden at this point. Waiver eligible guy who hasn’t shown to be NHL quality and likely doesn’t end up better than a decent bottom-6 guy. I just don’t see why anyone cares about that on here (cares meaning concerned about the risk of losing him to waivers), every team has multiple of that exact kind of guy. Outside of being a 1st round pick 5 years ago, I don't see anything there that makes me think he's at all a risk of being claimed off waivers.
There were only a handful of guys claimed off waivers last year, I believe it was just 7 guys (Denisenko, Thomson, Prosvetov, Greer, Ludvig, Harkins and Fagemo). And with Denisenko, Fagemo, Harkins and Thomson, all were waived again within a month and either returned to their original team's AHL team (Fagemo and Thomson) or were unclaimed on waivers (Denisenko and Harkins). Prosvetov was also waived later in the year and passed through waivers as well.
The only two players that were claimed off waiver and not waived again were Greer on Calgary and Ludvig.