Looks to me like Vegas is investing in the "lose early, win through the draft" style. They are piling up the picks by trading away assets. I see them sacrificing some performance for a massive prospect pool in the coming years.
I personally expected them to be 15th to 25th in the NHL. I honestly don't think they would've been as bad as many were expecting. However, with their trading for picks, they might end up being a bit lower.