This. There is nothing wrong with drafting a QB when your starter has had 3 straight seasons outside the top 5 QBs (he went 23-16-1, all 3 seasons w/ passer rating below 100) and just finished his age 36 season. That's covering your bases.
As players age they become more susceptible to injury.
What's wrong with having a good backup at QB? Now, maybe they didn't need to take one in R1, but Love was likely too good a prospect -- some had him in the top 10 -- to pass up.
I don't consider it a bad or wasted pick, not yet anyway. If he stinks it up I might change my mind, but all he is then is a bridge to the next QB they'll take.
Also, if MLF is any good with QBs and the Shanny/McVay offense is QB friendly he should at least be ok. Maybe never Rodgers good (Rodgers is possibly the most talented QB ever) but plenty of lesser QBs have taken their teams to SBs.