They're actually competitive in their early days.. the days of Bob Love, Jerry Sloan, Norm Van Lier... they got old around the time the NBA-ABA merger happened and the Bulls then were mostly bad. Artis Gilmore and Reggie Theus helped a little, but weren't anywhere near enough.
If we assume the Blazers draft Jordan and the Bulls take Sam Bowie, and Jerry Reinsdorf still buys the team, there is every reason to believe that the Bulls never end up champions in the league. The question around that really is how is Jerry Krause in the 1980s without Jordan. Krause wasn't a bad evaluator of talent by any means as he had a ton of NBA scouting and found lots of good players (and fell in love with lots of bad players). But his combo of talent eval and his giant ego, I do certainly question his ability to actually build a championship team all by himself.
Also in this alternative timeline, without Jordan, the Bulls don't become the powerhouse money grabber they currently are, so does that make Jerry Krause act differently? Does he dump Jerry Krause if the Bulls aren't performing and making him money?
Questions certainly... but if we look on the surface, you're probably right in that this team is like the Sacramento Kings.