The blue is overpriced for what it is, but you're absurd. They are by no means a horrible scotch maker. Their blends are all very finely balanced and offer a touch of most of the traditional scotch elements in a smooth product that is great when it's perhaps the only scotch available or for the uninitiated. It is a great introduction scotch as it really does present a balanced sample of the scotch flavor spectrum in any of its bottles.
I never buy JW, but I'll drink any of them - even the red, if I wound up with a bottle of it.
If you want to debate overpriced, I'd nominate Macallan. I find all of them up to the 25 to be ridiculously light. Little oakey, but really devoid of the smoke and richness I want in something that expensive. Their 15 in particular (the light blue one?) Is just garbage in my opinion. Like drinking scotch diluted with water.