I find the Brewer's approach to not exactly be this; and yet, be brilliant at the same time.
They tend to take a player a bit lower in the consensus rating and sign him for less than the slot. Then find a tough sign later on that they can "steal" at a lower draft pick level. Almost like trading down in the NFL.
We (the fans) tend to think that the player drafted at #19 must clearly be better than the player drafted at #20; and #20 is clearly better than #21, etc... But that is never fully the case.
So if you have buckets of players (players with similar talent) and try to get multiple players from that bucket, you get two options to get good players instead of one good option and one weaker option (from a lower tier bucket).
Intuitively, it would seem like your 1st round pick (taking someone lower on the consensus board) would result in more busts. But the Brewers seem to manage great 1st round picks despite doing this (remember how bad the Brewers used to draft when in the top 10 yearly??). It's like they are playing 3D chess!
First round picks signed as underslot:
Andrew Fischer (signed 5 picks at round 11+)
Braylon Payne (signed 5 picks at round 12+ including Tyson Hardin)
Brock Wilken (allowing us to sign Cooper Pratt)
Eric Brown (allowing us to sign Jacob Misiorowski)
Sal Frelick (actually overslot signing).
Eric looks like a bust. Brock will get a cup of coffee at the MLB level at least due to his power, but I'd say low probability to stick. Sal made it. Payne and Andrew are tearing it up and look every bit like good MLB players.
Plus you snag pseudo first round picks in Pratt and Miz. Hardin looks like another great find.
Yet, it seemed like there is always plenty of complaints (at least Braylon, Brock, and Eric) about the first round pick despite a pretty high hit rate.