If you can't believe that someone like Shohei Ohtani exists, I agree.
If you can't believe that Shohei Ohtani is worth such a commitment, I disagree. Teams are lining up to have the right to pay him such a contract.
For a team like the Dodgers that's already good and money doesn't matter, sure. But for a team to sink at least 25% (for the Orioles like 75%) of their payroll on one player seems super risky, at least if the goal is contending. Angels had Ohtani and Trout and yet never even made the playoffs.
If a team is more concerned with putting people in the seats, it might make sense.