I think both are true at this point. There's depth in the college ranks, but this isn't like past years where we're likely to see a guy go wire-to-wire as the favorite to be the #1 overall pick, or with a group of HS players who have been followed under a microscope since Little League (2022). As I stated elsewhere, this seems like the sort of draft where the combined career MLB WAR for picks 11-20 ends up being higher than picks 1-10.
That being said, while the HS guys are a bit underwhelming at the moment, there is a decent amount of potential in that group and we're still early in the season. This could be the sort of year where we see a bunch of pop-up guys from cold weather high schools show up in the first 100 picks.