How to know you’re bottom of the barrel  

It depends on who you work for. If it's Chevron or an IFR contract with the big two (formerly big 3), I'd say it's not a waste. For the lower end companies, absolutely. Those tend to be for the pilots just starting out and want hours, coming to an end of a career and just want insurance or have permanent scars on their career and can't go elsewhere. 

No-one wants to run a field in a small ship with no air conditioning for 14 days straight for the peanuts you get after Louisiana state taxes. The 206/407 isn't a privilege to fly. The housing with those companies isn't stellar and neither is the pay.