I'm a sucker for found antique/goods types of shows and bought & watched a few seasons of "Baggage Battles" (https://en.wikipedia.org/wiki/Baggage_Battles) on Amazon Prime. It was OK but they very rarely discovered valuable stuff and even those were kind of meh.
Still the art of the selection (should you go for the expensive bag, the heavy one, or the well-used one) was exciting. If I had the money I'd see myself attending baggage auctions just for the entertainment value; but doing it for flipping is not profitable I think.
I suspect a show for entertainment would script it a bit and add some high end stuff. So the fact that even after watching you say it's rare to find good stuff tells me it's even worse than the show lets on.
Still the art of the selection (should you go for the expensive bag, the heavy one, or the well-used one) was exciting. If I had the money I'd see myself attending baggage auctions just for the entertainment value; but doing it for flipping is not profitable I think.