The Rams don't undervalue the ILB position. It's just hard to find ILBs who can stay on the field. This is why you have teams drafting the bigger SS types and converting them every year and those guys are really hit and miss. It's why you see teams like Seattle reach for a good ILB prospect and none of the top ILBs slide at all even in a loaded draft.
It's also why the Rams drafted two safeties when they already have a very good duo in Rapp & Johnson. They're going to do what teams who don't have plus ILBs who can stay on the field do: compensate with packages. It's not ideal but it can be done if your safeties are good and our safety room is loaded now. Both the draftees fit this scheme in having film that shows them playing well in two high (which we'll see more of under Staley compared to how Wade called things), and Burgess can help us in the slot as well. Both are good in run support.
If anything this is a new era for ILBs where teams are snapping them up quickly if they can stay on the field. Having those guys is a really nice advantage for a defense. Even though Rapp last year in particular showed extremely well in run support, a bigger guy who is wired to beat contact is far better.