They give up picks in the draft because their evaluation tells them that the player is worth going to get. Nobody was moving up in the 1st or 2nd to get Hundley on draft day. He lasted 5 rounds, which tells me teams didn't think a lot about him coming out of college. He hasn't done much of anything since to prove otherwise either. He had a decent preseason one year, but after watching the likes whoever those guys were, Harrell, Brohm, etc, anyone with anything would look like a pro bowler.
It's been so long since i've seen Hundley play about all I remember is he seemed to be good at extending a play when it broke down too. But it was only for a handful of preseason games. It's never mattered and who knows, maybe he flushes the same way and throws the same pass, but since he was playing against guys that will never play in a regular season game and nobody planned for it, he got away with it. Maybe he's just really good? Nobody knows, and until he does something consistently in the regular season, I don't think he's going to be worth much to anybody else but us.