Avoid at all costs - virgin's upgrademe system is a massive scam
Whatever you do, don't be fooled.
When my wife and I received the upgrademebid email we were curious. We put in offers that were deemed "very poor" for both our outbound and inbound flights - yet both were accepted.
We will never fly virgin again and express the strongest caution for anyone entertaining the scam that is Virgin's Upgrademebid
You call the UpgradeMe bid "eye-watering" yet you agreed to pay that amount. You weren't forced to do this.
You say you wouldn't pay $50 more for Business Class (although you agreed to pay much more), yet it's packed full of extras you don't get in Economy - a great meal, beers, wines, bubbly, lots of leg room and width, a comfy seat, included WiFi internet on upgraded planes, a lot more Status and Velocity points (for full fare paying passengers), lounge access, FlyAhead, priority boarding, quick access to the front lavatory, last minute changes allowed, disembark first etc.
I'm not sure what world you think it's a "scam", nothing about it is a scam, it's more to do with you not taking the time to read the very digestible T's&C's which makes it clear that you may not be sitting together, ie if they have 2 spare seats and you've successfully bid for 2 seats, you'll be given them, rather than miss out of them, even if that not be 2 seats together.
It's clear you do not understand how UpgradeMe works nor took the time to understand it.
You've alluded to your surprise that you were accepted Business upgrades for offers that were considered "very poor", why? It happens quite often if no other passenger is bidding (no such thing as "very poor" when bidding, offer strengths are 'poor', 'fair', 'good', 'strong' & 'excellent').
Perhaps do a little research next time before exclaiming "scam", as it doesn't make you come across as a passenger any airline would want to have onboard.
You've obviously not travelled Business on a Qantas 737 - is that also not worth paying more than $50 for?
From airport lounge access and a comfortable ride to your destination, here's your guide to Qantas' Boeing 737 business class.
www.executivetraveller.com