One good thing about Bloomberg is, due to his status as already having much more money than he can spend in his grandchildren's lifetimes, he is not subject to the same type of corruption as most Democratic politicians (see the Clinton foundation, Obama book and Netflix deals, Biden Ukraine deals, and more). He is much more moderate than anyone currently in the race polling over 2%.
Bloomberg can also survive getting past the lack of early primary success because he can self-finance his campaign, which may give him a shot of picking up many votes once the crowd of candidates thins out. His candidacy may also be intended to try to pull other candidates closer to the middle rather than moving so far left that Obama looks like a member of the Alt-Right.
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And the fat cats in the smoke filled back room had a back up candidate in 2016, just in case the chumps didn't like their first pick of Jeb Bush.
Remember?
No one currently in the race has any realistic chance of winning the general election, and whoever gets the nomination may actually hurt Dems in down ballot elections due to being so extreme on so many issues.