I assume it will be the opposite. I figure initial sales will be relatively solid (relative, considering there's no built in distribution network and everybody just loves buying shoes from a shady site with no return policy).
But they'll sell initially, I think. I don't understand the sneaker market at all, but it would seem there are just some sneakerheads that are going to buy whatever expensive garbage is available to say they did. And LaVar is right, really high prices are going to attract a lot of buyers. I doubt LaVar openly mocking his target audience will even hurt. To a lot of people, being a "big baller" is a goal in life, for some reason.
Whether the brand is a long-term seller after the initial novelty period, who knows, but I kind of think it might be a decent gamble. I don't know the difference in profit for the Ball family owning their own brand vs. an endorsement deal, but I'd have to think it's quite significant.
Let's say they sell 20,000 of these dreadful things and the Ball family is getting $300 of the $500 price, that's $6 million. A whole lot more than a rookie endorsement deal. If Lonzo simply sticks in the NBA (very high probability), he's set for life already (assuming non-horrible money management), so it's even that much of a risk to take a chance on something that could be extremely lucrative.