It is popular despite not being televised at primetime, because it is a genuinely interesting event for all footy fans, it's probably the 2nd most popular non-game event in footy 2nd only to the bownlow, and I would much rather watch the draft than the Brownlow.
I still havn't heard a good argument for not doing it in reverse order either, it doesn't change anything, it's not a tradition or anything like that it just adds a touch of drama and interest.